Preheat the oven to 350°F and line a baking sheet with parchment paper. Spread the cake mix evenly on the sheet and bake for 5 minutes to eliminate any bacteria. Remove from oven and cool completely on a wire rack.

In a medium bowl, beat softened cream cheese with a hand mixer on medium-high until smooth. Fold in the cooled cake mix gently with a rubber spatula, then mix on medium-high speed until a dough forms.

Stir in chopped cream cheese chips evenly into the dough, ensuring they are well incorporated.

Cover the dough with plastic wrap and refrigerate for 2 hours to firm up and ease handling.

Line two baking sheets with parchment paper. Using a 1½ tablespoon cookie scoop, portion out dough and roll into smooth balls. Place on sheets and let rest for 15 minutes.

Using a double boiler over low heat, melt the vanilla wafers until smooth, stirring occasionally.

Dip each dough ball fully into the melted vanilla wafers using a fork, allow excess coating to drip off, then place on parchment-lined sheets spaced 2 inches apart. Sprinkle half the truffles with sprinkles before coating sets.

Microwave Wilton pink and bright pink candy melts individually in microwave-safe piping bags on low until melted. Cut the tips and drizzle over the remaining coated truffles for decoration.

Let all coated truffles set completely at room temperature or refrigerate briefly before serving.