In the bowl of an electric mixer, cream the cream cheese until smooth and no lumps remain. Add sweetened condensed milk and mix until creamy and well incorporated. Quickly mix in cherry pie filling, with mixer on low speed, just until incorporated. Fold in whipped topping.
Cover bowl with foil and place it in the freezer for at least 2 hours. Mixture will still be soft frozen.
Using a 2” ice cream scoop and working quickly, do your best to scoop and form mixture into balls. Roll into graham cracker crumbs and place on a cookie sheet. Allow finished cherry cheesecake balls to freeze for at least 2 hours. Serve immediately out of the freezer.