Preheat oven to 350°F. Prepare the chocolate cake mix according to package directions using hot water, then bake in a 9x13-inch pan until a toothpick comes out clean. Let cool completely.
Crumble the cooled cake into a large bowl or punch bowl, breaking it into bite-sized pieces.
In a separate bowl, beat the softened cream cheese until smooth. Add powdered sugar and vanilla extract and mix until fully combined and fluffy.
Prepare the instant vanilla pudding with 2 cups cold milk according to package directions. Let the pudding set for a few minutes until thickened.
Fold the whipped topping into the prepared pudding until homogenous. Then gently fold in the cream cheese mixture until no streaks remain.
Combine the cake crumbles, half of the cherries, and half of the chopped pecans in the bowl. Pour the pudding and whipped topping mixture over the cake pieces and gently fold to combine, leaving some larger cake pieces intact for texture.
Top the mixture with the remaining cherries and pecans. Chill the punch bowl cake in the refrigerator for at least 2 hours before serving to allow flavors to meld.
Serve chilled with a large spoon, scooping into dessert plates or bowls. Keep refrigerated; best within 2-3 days.
Notes
For a lighter version, use low-fat whipped topping and reduce powdered sugar to taste. Toasting the pecans brings out extra flavor.