Preheat the oven to 350°F (180°C). If using a fan/convection oven, use 160°C. Position a rack in the center of the oven.
In a medium bowl, whisk together 2 3/4 cups (330 g) all-purpose flour, 3 tablespoons unsweetened cocoa powder, 1 teaspoon baking soda, and 1 teaspoon salt. Set aside.
In a large bowl, beat 1 3/4 cups (350 g) granulated sugar, 1/2 cup (120 ml) canola or vegetable oil, and 1/2 cup (113 g) unsalted butter (softened) with an electric mixer on medium speed until the mixture is pale and fluffy, about 2–3 minutes. Scrape down the sides of the bowl.
Add 3 large eggs (room temperature), 1–2 tablespoons red food coloring (use the amount needed to reach your desired color), 1 tablespoon (15 ml) pure vanilla extract, and 1 teaspoon (5 ml) distilled vinegar to the butter mixture. Mix on medium-low speed until well combined. Scrape the bowl.
With the mixer on low speed, add half of the flour mixture to the wet ingredients and mix just until incorporated (do not overmix).
Pour in half of the 1 cup (240 ml) buttermilk and mix on low just until combined.
Add the remaining half of the flour mixture and mix on low until nearly combined, then add the remaining buttermilk and mix until the batter is smooth and uniform. Scrape the bowl as needed; avoid overmixing.
Gently fold in 1 cup (224 g) mini chocolate chips, if using, until evenly distributed.
Prepare a 10- or 12-cup bundt pan by spraying it thoroughly with baking spray, making sure crevices are coated. Use a pastry brush to spread the spray if needed.
Pour the batter into the prepared bundt pan and smooth the top with a spatula. Tap the pan gently on the counter to release any large air bubbles.
Bake in the preheated oven for 45–50 minutes, or until a toothpick inserted into the center comes out clean or with a few moist crumbs. Rotate the pan halfway through baking only if your oven has hot spots.
Let the cake cool in the pan on a wire rack for 10 minutes. After 10 minutes, carefully invert the pan onto the wire rack, remove the pan, and allow the cake to cool completely before frosting.
To make the cream cheese frosting: in a stand mixer or with a hand mixer, beat 8 ounces (226 g) cream cheese (softened) and 1/2 cup (113 g) unsalted butter (softened) on medium speed until smooth and creamy, about 1–2 minutes. Scrape the bowl.
Add 1 teaspoon (5 ml) pure vanilla extract and mix until combined.
With the mixer on low, gradually add 3 cups (390 g) powdered sugar, about 1 cup at a time, mixing well after each addition. Increase speed to medium and beat until the frosting is smooth.
If the frosting is too thick, add up to 2 tablespoons (30 ml) heavy cream or milk, 1 tablespoon at a time, mixing after each addition, until you reach a smooth, spreadable consistency. If the frosting becomes too soft, chill 10–15 minutes to firm slightly.
Transfer the frosting to a piping bag fitted with a round tip (or use a spatula if you prefer). Pipe the frosting onto the cooled cake by starting at the outer edge and piping lines toward the center hole, repeating around the cake and slightly overlapping as needed to achieve the desired coverage.