Invert cake on serving platter. Cut 1-inch slice crosswise from top of cake; set aside. With sharp knife, cut around cake 1 inch from center hole and 1 inch from outer edge, leaving cake walls 1-inch thick.
Remove cake from center, leaving 1-inch thick base on bottom of cake. Tear cake removed from center into bite-size d pieces; reserve.
In large mixture bowl, beat cream cheese until fluffy. Gradually beat in sweetened condensed milk until smooth. Stir in lemon juice, extract, and food coloring.
Stir in reserved torn cake pieces and chopped strawberries. Fold in 1 cup whipped topping. Fill cake cavity with strawberry mixture; replace top slice cake.
Frost with remaining whipped topping. Chill 3 to 4 hours
Garnish with strawberries if desired. Return leftovers to refrigerator or freeze.