Preheat the oven to 350°F/177ºC. Prepare three 6-inch or two 8-inch cake pans by spraying the sides with a baking spray (Baker's Joy is my favorite) and fitting a wax or parchment paper circle to the bottom of the pan. Alternatively, you can grease and lightly flour the pans.
Add the sifted cake flour, baking powder, baking soda, and salt into a medium bowl and whisk to combine. Set aside.
In the bowl of your stand mixer (a handheld mixer works fine too!), cream the butter on high for 2 minutes. Add in the sugar and continue to beat on medium-high until light and fluffy (another 2 minutes), scraping down the bowl and paddle as needed. With the mixer on low speed, add the eggs and egg whites one at a time. Add the vanilla extract, almond extract, and sour cream. Mix for one minute on high speed, scraping down the bowl and paddle once more.
Turn the mixer off and add in the dry ingredients all at once. Mix on low speed until just combined, then slowly pour in the milk while continuing to mix on low until incorporated, about 1 minute. Scrape down the sides and bottom of the bowl and give it a few stirs to make sure there are no lumps. The batter will be slightly thick.
Gently fold the flour-coated rainbow sprinkles into the cake batter by hand, then divide evenly between the prepared cake pans and bake for 32-36 minutes, or until a toothpick inserted comes out clean. Let the cakes cool in the pan for five minutes before turning them out onto a wire rack for an additional few hours of cooling. Make sure they’re entirely room temperature before applying any frosting.