Preheat the oven to 350°F and lightly grease a 9×13-inch baking pan. Set aside.
In a large bowl, whisk together the cake mix, eggs, water, and oil until the batter is smooth and fully combined.
Add the pink gel food coloring and whisk again until the color is evenly distributed.
Pour the batter into the prepared pan and spread it into an even layer. Bake for 25-35 minutes, or until a toothpick inserted in the center comes out clean.
While the cake is baking, place the cream cheese on the counter to soften.
Remove the cake from the oven and allow it to cool for 15-20 minutes.
Once cooled, crumble the cake into a large mixing bowl. Add the softened cream cheese and beat with a mixer until fully blended and a thick, dough-like mixture forms.
Scoop and roll the mixture into 1-inch balls, then gently shape each one into a heart.
Melt the pink candy melts according to the package directions.
Dip each heart into the melted candy, coating completely, and place on parchment paper to set.
Add a few red and white candy melts to separate sandwich bags and microwave until melted, squeezing the bag to smooth out any lumps.
Snip a tiny corner off each bag and drizzle the red and white candy over the coated hearts.
Store the finished truffles in an airtight container in the refrigerator until ready to serve.