In large mixing bowl, use an electric mixer to mix heavy whipping cream until creamy. This will take about 10 minutes. Add cream cheese, butter, vanilla extract, and 3 tablespoons of sugar. Use electric mixer to evenly combine until smooth and creamy. Cover bowl of mixture. Refrigerate 30 minutes. Do not place in freezer.
Pour cooled mixture into prepared pie crust. Spread evenly with back of a spoon. Use a teaspoon to remove cherries from cans. Arrange in a nice circular pattern around the pie. Drizzle top of cherries with filling. Sprinkle remaining 1/2 tablespoon of sugar over top of cherries. Cover pie with foil. Chill until firm (not frozen).