Preheat the oven to 350°F (175°C). Grease and fully line a 9x5-inch loaf pan with parchment paper.

Drain the maraschino cherries thoroughly and pat them very dry with paper towels. Finely chop the cherries, then pat the chopped pieces dry again to remove as much excess syrup as possible. Set aside.

In a medium bowl, whisk together the flour, granulated sugar, and salt for the streusel. Add the cold butter and vanilla bean paste. Work together with your fingertips until a mixture of fine crumbs and large buttery clusters forms. Refrigerate while preparing the batter.

In a large bowl, whisk together the granulated sugar, oil, yogurt, milk, vanilla bean paste, cherry emulsion, almond extract, apple cider vinegar, and red food coloring, if using, until completely smooth.

Add the all-purpose flour, cornstarch, baking powder, baking soda, and salt. Whisk just until combined. Do not overmix.

Gently fold in the chopped maraschino cherries just until evenly distributed.

Spread half of the batter into the prepared loaf pan and sprinkle half of the chilled streusel evenly over it.

Carefully spread additional batter over the streusel until it is completely covered, stopping when the pan is just under three-quarters full. Do not fill the pan higher.

Sprinkle the remaining streusel evenly over the top, preserving plenty of large buttery clusters, then sprinkle generously with coarse sanding sugar.

Bake at 350°F (175°C) for 55-67 minutes. Check the streusel around 45 minutes and tent loosely with foil if necessary. Continue baking until the center reaches 205-210°F (96-99°C), no longer jiggles, and a tester inserted into the cake portion comes out with moist crumbs but no wet batter.

Cool in the pan for 20 minutes, then carefully lift the loaf onto a wire rack and cool completely.

Whisk together the powdered sugar, milk, vanilla bean paste, food coloring, if using, and salt until completely smooth. The glaze should be thick but pourable and ribbon from the whisk.

Spoon or pour the glaze generously over the completely cooled loaf, allowing it to run naturally down the sides.

Allow the glaze to set completely before slicing.