Preheat oven to 350 degrees F. Grease a 9x13-inch baking pan.
Make the Crust: In a medium bowl, whisk together the flour and ground walnuts. Using a pastry blender or two knives, cut the butter into the flour mixture until it is crumbly and no pieces of butter remain larger than a pea. Turn the mixture into the prepared pan and press into an even layer. Bake until lightly brown around the edges, about 15 minutes. Remove from the oven and allow to cool completely.
Make the Cheesecake: Using an electric mixer on medium speed, beat the cream cheese, powdered sugar and milk until smooth and light, 2 to 3 minutes. Spread in an even layer over the cooled crust.
Sprinkle the chopped walnuts over the cream cheese layer, then spread the Cool Whip in an even layer on top of the walnuts. Spoon the cherry pie filling on top of the Cool Whip. Cover with plastic wrap and refrigerate overnight before serving. Leftovers should be stored, covered, in the refrigerator, for up to 4 days.