Add feta cheese, cream cheese, garlic, and olive oil to a food processor.
Blend until mostly smooth, about 2 minutes, scraping down the sides as needed.
With the processor running, slowly drizzle in cold water until the mixture becomes light and creamy.
Transfer the whipped feta to a serving plate and spread it evenly.
Top with pomegranate seeds, chopped pistachios, and fresh thyme.
Drizzle hot honey over the top.
Serve immediately with warm pita wedges.