Preheat oven to 350°F. Grease a 13x9-inch baking dish with butter or nonstick spray and set aside.
In a large bowl, whisk together the cake mix, eggs, sour cream, whole milk, and oil until smooth and well combined. Pour into the prepared baking dish and spread evenly.
Bake for 28-32 minutes until a toothpick inserted in the center comes out with just a few moist crumbs. Allow to cool slightly before cutting.
While the cake bakes, make the hot fudge. In a medium saucepan over medium heat, melt the butter with the heavy whipping cream, stirring until combined.
Whisk in the powdered sugar and cocoa powder until completely smooth.
Bring the mixture to a gentle simmer, stirring constantly, and cook for 3-4 minutes until the sauce thickens and coats the back of a spoon. Remove from heat and stir in the vanilla extract. Keep warm until ready to serve.
To assemble, cut a square of chocolate cake and slice in half horizontally. Lay the bottom half on a saucer. Top with a generous scoop or square of vanilla ice cream, the top half of the cake, a ladle of warm hot fudge sauce over the top, a dollop of whipped cream, and a maraschino cherry to finish. Serve immediately.