Preheat the oven to 350 F. Grease and flour a round 10" baking pan that is 2" deep. Cut a circle of parchment paper the size of the baking pan, line it and grease it with butter too. This will make flipping your cake easier.
In a medium bowl whisk together the flour and the baking powder.
In a large mixing bowl whip the egg whites until they become frothy. Gradually add the granulated sugar, with the mixer running until egg whites increase in volume and turn white. Beat in the yolks, 1 at a time, blending well after each yolk. Add the flour mixture in 3 separate amounts, not all at once, alternating with the whole milk and the vanilla extract in 2 separate amounts. Omit the vanilla extract if you use the orange liqueur in the soaking liquid.
Pour the batter into the prepared pan and bake until a tester inserted into the center comes out clean, 35 minutes. If your cake domed, simply cut off the dome. You can soak the cut off dome in the soaking milk liquid and enjoy it too. Cool the cake slightly, about 10 minutes, then invert onto a platter with 1-inch high sides.
Using a bamboo or metal skewer, poke holes all the way through the cake and all over the surface of the cake. Mix the sweetened condensed milk, evaporated milk, 1 cup heavy whipping cream (unwhipped) and orange liqueur in a medium bowl (omit the latter if you don't want a boozy cake). Pour the mixture all over the cake while it is still warm. Cover and refrigerate until cold, at least 3 hours or overnight.
Combine the remaining 1 cup heavy whipping cream and powdered sugar in a medium bowl. Using an electric mixer, beat the cream until soft peaks form, add the vanilla extract and beat a bit more until fully blended. Omit the vanilla extract if using the orange liqueur. Spread the whipped cream on the top and sides of the cake with an offset spatula and garnish with the fresh fruit or maraschino cherries.