Preheat oven to 325°F (170°C). Spray a 9x5-inch loaf pan with baking spray with flour. Line pan with parchment paper, letting excess extend over sides of pan.

In the bowl of a stand mixer fitted with the paddle attachment, beat butter and sugar at medium speed until fluffy, 3 to 4 minutes, stopping to scrape sides of bowl. Add eggs, one at a time, beating well after each addition. Beat in extracts.

In a medium bowl, whisk together flour, baking powder, and salt. In a small bowl, whisk together milk and sour cream. With mixer on low speed, gradually add flour mixture to butter mixture alternately with milk mixture, beginning and ending with flour mixture, beating just until combined after each addition. Spread batter into prepared pan, smoothing with an offset spatula. Run a thin knife or small offset spatula through batter, and firmly tap pan on a kitchen towel-lined counter twice to release air bubbles.

Bake until edges are lightly browned and a wooden pick comes out clean, about 1½ hours. Let cool in pan for 15 minutes. Using excess parchment as handles, remove from pan, and let cool completely on a wire rack.

Measuring 1¼ to 1½ inches up from bottom of cake, cut cooled cake in half horizontally. Spread preserves onto bottom half of cake; add top half of cake.

Line a rimmed baking sheet with plastic wrap; place a wire rack on top. Place assembled cake on wire rack. Pour Strawberry Fondant Glaze all over top of cake, letting it run down sides to fully cover cake. Let stand until glaze is set, 10 to 15 minutes. Using a large spatula or cake lifter, carefully transfer to a serving platter. Refrigerate in an airtight container for up to 3 days.