In a large mixing bowl, use a hand mixer to beat 8 ounces of softened cream cheese until smooth and creamy, about 2 minutes.

Incorporate 1 cup of powdered sugar and 1 teaspoon of vanilla extract into the cream cheese mixture and blend until combined, about 1-2 minutes.

In a microwave-safe bowl, melt 1 cup of white chocolate chips in 20-second intervals, stirring until smooth, about 1-2 minutes.

Once cooled, add melted white chocolate into the cream cheese blend and mix gently until fully integrated.

Fold in 1 cup of crushed graham crackers or cookie crumbs into the mixture using a spatula.

Carefully fold in 1 cup of whipped topping until streaks are no longer visible.

Cover and chill the mixture in the refrigerator for about 30 to 40 minutes.

After chilling, use a tablespoon or small cookie scoop to portion and roll into 1-inch balls.

Melt red and green candy melts according to package instructions and set aside to cool slightly.

Dip each cheesecake ball into the melted candy and use a fork to lift it out, allowing excess coating to drip off.

Place coated bites back on parchment-lined baking sheet and allow to set until the coating is firm, about 15-20 minutes.