Preheat oven to 350°F. In a food processor, blend the graham crackers and walnuts until finely chopped. Add in the butter and sugar until well combined and press into the bottom of a greased 13×9 pan. Bake for 8 minutes and let cool completely.
In a large bowl, beat cream cheese and powdered sugar until smooth. Beat in about 1 cup of cool whip so there are no lumps. Fold in the remaining whipped topping from the container of Cool Whip you took 1 cup from. Spread the cream cheese mixture over the crust.
Add the cherry pie filling in an even layer. Top with the other tub of Cool Whip. Garnish with chopped walnuts if desired.
Cover and chill for at least 2 hours or overnight.
Notes
Allow your cream cheese to come to room temp before mixing. This will soften it and help avoid lumps in your batter. To do so, cut the cream cheese into cubes and separate on a plate, allow it to sit at room temperature for 30 minutes.
Store tightly covered in the refrigerator for 3-4 days.