Preheat the oven to 325°F. Wrap the outside of a 9-inch springform pan with aluminum foil to prevent leaks.
Mix graham cracker crumbs, sugar, and melted butter until well combined. The mixture should be the consistency of wet sand.
Firmly press the crumbly mixture into the bottom and partially up the sides of the prepared pan.
Bake the crust for 10-12 minutes. Remove from the oven and let it cool slightly.
In a large bowl, beat softened cream cheese and sugar until smooth, about 2 minutes.
Add sour cream, vanilla extract, and almond extract (if using). Mix until combined.
At low speed, incorporate the eggs individually, mixing briefly after each one until just combined. Avoid overmixing.
Gently fold in the rainbow sprinkles. If you prefer more visible sprinkles, add 2-4 tablespoons more.
Pour the filling over the cooled crust.
Place the springform pan into a large roasting pan. Pour hot water into the roasting pan until it reaches halfway up the sides of the springform pan.
Bake for 60–70 minutes until edges are set and center is slightly jiggly.
Turn off the oven and crack the door open. Let the cheesecake cool in the oven for 1 hour.
Remove the cheesecake from the oven and water bath. Run a knife around the edge and let cool completely, about 1 hour.
Cover and refrigerate for at least 4 hours or overnight.
When ready to serve, remove the sides of the springform pan. Optionally, top with whipped cream and additional sprinkles. Slice and enjoy.