In a large mixing bowl, beat the softened cream cheese until it is completely smooth and creamy. Be sure to scrape down the sides of the bowl as needed.

Gradually add the sifted powdered sugar and vanilla extract (and strawberry extract, if using) to the cream cheese mixture. Beat on low speed until just combined, then increase speed to medium and beat until smooth.

In a separate, chilled bowl, whip the cold heavy whipping cream until stiff peaks form. This usually takes 3 to 5 minutes with an electric mixer.

Gently fold about one-third of the whipped cream into the cream cheese mixture to lighten it. Then, carefully fold in the remaining whipped cream until just combined, being careful not to deflate the volume.

Finally, gently fold in the finely chopped fresh strawberries until evenly distributed throughout the fluffy dip.

Chill the dip in the refrigerator for at least 30 minutes to allow it to set slightly. Serve cold with graham crackers, vanilla wafers, or fresh fruit slices.