Combine graham cracker crumbs, 1/4 cup sugar, and melted butter in a bowl. Press the mixture firmly into the bottom of a 9-inch springform pan. Chill the crust for 15 minutes.
In a large bowl, beat the softened cream cheese until smooth.
Gradually beat in the sweetened condensed milk until fully combined.
Stir in the lemon juice and vanilla extract until the mixture thickens slightly.
Gently fold in the thawed whipped topping until no streaks remain.
Arrange half of the halved Little Debbie cakes on top of the chilled crust. Pour half of the cheesecake filling over the cakes.
Layer the remaining Little Debbie cakes on top of the first filling layer. Pour the remaining filling over the top layer of cakes.
Cover the pan loosely with plastic wrap and refrigerate for at least 6 hours, or preferably overnight, until firm.
Before serving, decorate the top with extra Little Debbie cakes or festive sprinkles. Remove the springform ring before slicing.
Notes
You can use vanilla wafers or shortbread cookies instead of graham crackers for the crust variation.
If you prefer a firmer texture, you can substitute 1 teaspoon of unflavored gelatin dissolved in 1/4 cup of hot water for half of the lemon juice. Add the dissolved gelatin mixture to the cream cheese mixture before folding in the whipped topping.
Keep the cheesecake refrigerated until ready to serve.