Put milk, eggs, ½ tsp vanilla, and 2 small bananas in a blender and blend until smooth.
Pour mixture into shallow dish and dip bread slices in, making sure to soak each side.
Place a large skillet over medium heat and melt half of butter.
Place bread on skillet and cook until golden brown on both sides.
Repeat with remaining butter and bread.
Place heavy cream in the bowl of a stand mixer with whisk attachment (or in a large bowl with hand mixer) and whip cream until soft peaks form, about 2-3 minutes. Add sugar and 1 tsp vanilla when cream is almost fully whipped.
Arrange two slices of french toast on a plate and top with sliced bananas and sliced strawberries. Drizzle chocolate syrup over the top and top with a dollop of whipped cream. Sprinkle rainbow sprinkles over entire plate and top whipped cream with a cherry if desired.