A Bloody Good Tsunami Cake

Name: A Bloody Good Tsunami Cake
Ingredients: 2 large beets (about 7 ounces total); 1/4 teaspoon kosher salt; 1 tablespoon olive oil; Softened unsalted butter, for the cake pans; 2 1/2 cups all-purpose flour, plus more for the cake pans; 1 1/2 cups granulated sugar; 2 tablespoons cocoa powder; 1 teaspoon baking soda; 1 teaspoon kosher salt; 3/4 cup buttermilk; 1/2 cup vegetable oil; 2 tablespoons red food coloring; 1 teaspoon white vinegar; 1 teaspoon vanilla extract; 2 large eggs, at room temperature; 1 pound cream cheese, at room temperature; 1 stick (8 tablespoons) unsalted butter, at room temperature; 2 cups white chocolate chips, melted (about 11 ounces); 2 cups powdered sugar; 1 1/2 cups milk; 1 1/3 cups heavy cream; 1/4 cup cornstarch; Pinch kosher salt; One 14-ounce can sweetened condensed milk; Red food coloring, as needed; Red sprinkles, for topping; Red sparkling sugar, for topping