Begin by placing the unsalted butter and cream cheese in a medium-sized mixing bowl. Using an electric mixer, cream the ingredients together until they achieve a smooth, homogenous texture.
Add the egg to the creamed mixture, followed by the almond and orange extracts if desired. Continue to mix until these ingredients are fully integrated.
Gradually introduce the white cake mix to the bowl, mixing continuously to ensure that the dry mix is completely absorbed into the wet ingredients, forming a cohesive dough.
Fold in one-quarter cup of the sprinkles into the dough until evenly distributed.
Cover the bowl with plastic wrap and refrigerate the dough for at least one hour, or up to 24 hours.
Preheat your oven to 350 degrees Fahrenheit.
Place the powdered sugar in one bowl and the remaining one-quarter cup of sprinkles in another for coating the cookies.
Using a one-inch cookie scoop, extract portions of the chilled dough and roll them into balls. Sprinkle each ball with a few of the reserved sprinkles, then roll them in the powdered sugar until fully coated.
Arrange the coated dough balls on a greased cookie sheet, ensuring they are spaced apart. Bake in the preheated oven for 10 minutes.
Allow the cookies to cool on the cookie sheet for two minutes after removal from the oven, then transfer them to a wire rack to cool completely.