Preheat your oven to 350°F (175°C). Grease a 9-inch springform pan with cooking spray and line the bottom with parchment paper. Set it aside.
In a medium bowl, combine flour, cocoa powder, cornstarch, baking soda, and salt. Mix well and set aside.
In another bowl, beat the butter, brown sugar, and granulated sugar for about 3-5 minutes until light.
Add the egg and egg yolk one at a time to the butter mixture, beating for 3 minutes until pale and fluffy. Then add the vanilla extract and red food color.
Slowly add the flour mixture to the wet mixture, combining until everything is well incorporated.
Gently fold the white chocolate chips into the cookie batter using a spatula.
Transfer the batter to the prepared pan and smooth the top with a spatula. Sprinkle the remaining 2 tablespoons of chocolate chips over the top.
Bake for 28-30 minutes or until the cookie cake turns a light golden brown color.
Once done, remove the cookie cake from the oven and let it cool for 10 minutes. Run a butter knife around the sides, then slowly release the springform pan and transfer it to a cooling rack.
Meanwhile, prepare the cream cheese frosting by beating cream cheese and butter together using a hand mixer. Slowly add the confectioners' sugar and beat until smooth and creamy for 3-5 minutes. Add vanilla extract and milk if needed. Transfer the cream cheese frosting to a piping bag with a star nozzle.
Pipe the cream cheese frosting around the edge of the cookie cake and sprinkle Valentine's Day sprinkles on top.
Once done, slice the red velvet cookie cake and serve.