Cake: Put the egg yolks in a mixer bowl & the egg whites into a small container & set aside. In a small bowl, combine the flours & the baking powder. Set aside. Grease & flour a 10x15x1 inch jelly roll pan & preheat oven to 375 degrees.
Beat egg yolks & almond extract on high speed until thick & bright yellow (this takes several minutes) & then very slowly begin adding in the 1/3 cup of sugar, beating til nearly dissolved. Beat in the strawberry jam. Transfer this mixture to a smaller bowl & set aside.
Wash & dry the mixer bowl & wire whip thoroughly, to remove any yolk mixture, & then add the egg whites. Beat on medium speed until soft peaks form. Slowly add the 1/2 cup sugar & beat until stiff peaks form.
Gently fold egg yolk mixture into beaten egg whites until almost combined & then sprinkle the flour mixture in & fold everything together. Try to keep as much volume as possible during this step.
Lightly spread batter into prepared jelly roll pan, making sure to push it into the corners too.
Bake at 375 degrees for 12 minutes or until cake springs back when lightly touched.
Remove from oven & gently loosen the edges of the cake from the pan.
Lay out a large, clean kitchen towel & sprinkle the surface with powdered sugar. Quickly flip pan over onto powdered sugar & let cake fall out. Lightly dust the top with powdered sugar. From a short end, begin rolling both the cake & the towel into a log. Dusting additional powdered sugar on the underside of the towel as you go. Place rolled cake & towel on a wire rack to cool (45-60 minutes).
Filling: Beat mascarpone cheese, cream cheese, butter & almond extract til combined. Begin adding powdered sugar, a cup at a time, until the mixture thickens but is still a spreading consistency.
Stir in the chopped fresh cherries & a few drops of the red food coloring, if desired.
Assembly: Unroll cake & spread filling to within one inch of the edges all the way around. Roll up cake & filling only this time, lay a medium piece (about 8") of waxed paper over the top of the roll & carefully wrap the roll in the paper. Transfer to a platter & place in the refrigerator for about an hour, turning the roll over at about 30 minutes to avoid a "flat area" from forming.
When chilled, remove waxed paper & place roll seam side down on serving platter. Place 4 small dollops of whipped cream across the top of the roll & place one cherry on top of each dollop. Serve immediately or refrigerate until serving time.