Line a baking sheet with parchment paper and set it aside.
In a large mixing bowl, pour in the Rice Chex cereal.
In a microwave-safe bowl, combine the white chocolate chips and cream cheese-flavored frosting. Microwave in 30-second intervals, stirring in between, until melted and smooth.
Stir in the cherry extract to the melted mixture until well combined.
Pour the melted chocolate mixture over the Rice Chex cereal and gently fold with a spatula until all the cereal is coated.
Add the dried cherries and sprinkles (if using) and mix until evenly distributed.
Transfer the mixture to a zip-top plastic bag, add the powdered sugar, and seal the bag. Shake gently until the cereal is coated in powdered sugar.
Spread the coated puppy chow onto the prepared baking sheet to cool and harden for about 10 minutes.
Once cooled, break into pieces and serve or store in an airtight container.