Mix the base: In a large mixing bowl, beat the softened cream cheese until smooth. Add sweetened condensed milk and mix until well combined and creamy.
Add Cool Whip: Fold in the Cool Whip gently until fully incorporated.
Add fruit and extras: Carefully fold in the cherry pie filling, crushed pineapple, mandarin oranges, mini marshmallows, and (if using) nuts and coconut.
Chill (optional): Cover and refrigerate for at least 1 hour before serving to let the flavors meld and the salad firm up slightly.
Serve: Spoon into bowls or cups and enjoy! Perfect for potlucks, parties, or a sweet treat at home.