Pre-heat oven to 325°F.
Spray 2 (9"x 5") loaf pans with baking spray with flour, then line with parchment paper, letting excess extend over sides of pan. Spray the pans again.
In the bowl of a stand mixer fitted with the paddle attachment, beat butter and cream cheese at medium speed until creamy, about 3 minutes.
Add sugar and vanilla; beat until fluffy, 3 to 4 minutes, stopping to scrape sides of the bowl.
Add eggs, one at a time, beating well after each addition.
In a medium bowl, whisk together flour, salt, and baking powder.
Reduce mixer speed to low and gradually add flour mixture to butter mixture alternately with cream, beginning and ending with flour mixture, beating just until combined after each addition.
Transfer the batter into two separate bowls, with equal amounts in each bowl; set aside.
Spoon one-third of one of the bowls of batter into 1 prepared pan.
Spread 1/4 cup Strawberry Sauce onto the batter.
Repeat with another layer of batter and then 1/4 cup sauce, then topping with the last third of the batter.
Using a wooden skewer, gently swirl batter (optional).
Repeat procedure in the other prepared pan with the remaining bowl of batter and Strawberry Sauce.
Tap pans on counter twice to release air bubbles.
Bake until a wooden pick inserted in center comes out clean, about 1 hour and 10 minutes.
Let cool in pans for 10 minutes and then removed from pans, discarding parchment paper and then cool on wire racks.
Serve with strawberry preserves.
In the work bowl of a food processor, pulse strawberries until smooth, about 1 minute.
In a small bowl, whisk together 2 tablespoons water and cornstarch until smooth.
In a medium saucepan, stir together pureed strawberries and sugar over medium-heat heat.
Whisk in cornstarch mixture and bring to a boil; cook, stirring constantly, until thickened, about 1 minute.