Preheat your waffle iron to 375°F and lightly grease if needed.
In a large mixing bowl, sift together the flour, baking powder, cocoa powder, and salt.
In another bowl, whisk the eggs, whole milk, buttermilk, melted butter, vanilla extract, and red food coloring until smooth.
Gradually pour the wet ingredients into the dry ingredients. Stir gently with a spatula until just combined. Small lumps are perfectly fine.
Let the batter rest for 5 minutes for extra fluffy texture.
Pour batter into the preheated waffle iron and cook the Red Velvet Waffles until crisp on the outside and soft inside, about 2–3 minutes depending on your waffle maker.
While the waffles cook, prepare the cream cheese drizzle by beating cream cheese, powdered sugar, and heavy cream until smooth and pourable.
Drizzle the cream cheese topping over warm waffles and serve immediately.