Prep the pan and oven: Heat the oven to 350°F (175°C). Grease a 9x13-inch metal baking pan and line the bottom with parchment for easy removal.
Mix dry ingredients: In a large bowl, whisk flour, sugar, baking powder, baking soda, and salt until evenly combined.
Combine wet ingredients: In a separate bowl, whisk melted butter, oil, eggs, buttermilk, milk, vanilla, and almond extract until smooth.
Make the batter: Pour the wet mixture into the dry ingredients. Whisk gently until just combined with no dry streaks.
Do not overmix.
Fold in sprinkles: Using a spatula, fold in the rainbow jimmies. Mix lightly to prevent color bleeding.
Bake: Spread the batter evenly in the prepared pan. Bake 25–32 minutes, or until the top springs back and a toothpick comes out clean or with a few moist crumbs.
Cool completely: Place the pan on a rack and let the cake cool fully before frosting, about 1 hour.
Make the frosting: Beat the softened butter on medium-high until creamy and pale, about 2 minutes.
Add powdered sugar in 2–3 additions, mixing on low at first, then increasing speed until fluffy.
Adjust texture: Add heavy cream, vanilla, and a pinch of salt. Beat 1–2 minutes until smooth, light, and spreadable. Add more cream a teaspoon at a time if needed.
Frost and decorate: Spread frosting over the cooled cake using an offset spatula.
Add extra sprinkles on top. Slice into squares and serve.