Whisk together sweetened condensed milk, dry cake mix, butter flavoring, and vanilla bean paste. Set aside.
Whip heaving whipping cream on medium high speed until stiff peaks form. Fold whipped cream into funfetti cake mixture, making sure to scrape the bottom of the bowl to completely mix all ingredients. Fold in sprinkles.
Pour ice cream into a 9x5 loaf pan. Top with more spinkles!
Freeze for 6 hours or overnight. Let thaw about 5 minutes before serving.