Heat the oven to 300°F. Use a large 10-inch tube pan with a removable bottom and at least 16-cup capacity; check the manufacturer's capacity because diameter alone does not tell you how much it holds. Grease and flour it, including the center tube, or coat it thoroughly with baking spray. Set out the ingredients before mixing.
In a stand mixer with the whisk attachment, whip butter, vanilla extract, and almond extract for 5 minutes, until fluffy.
Switch to the paddle attachment. Slowly add sugar and beat for 5 minutes until pale and creamy.
Add eggs one at a time, mixing well after each and scraping down the bowl as needed.
On low speed, add flour alternating with the milk, beginning and ending with flour. Mix just until combined.
Beat the batter for 1 minute to fully incorporate ingredients.
Spread batter evenly in the prepared pan, filling no more than two-thirds full. Bake any excess separately in a small prepared pan. Tap the tube pan lightly to release large air pockets.
Bake at 300°F for about 90–105 minutes. Begin checking at 90 minutes with a long wooden pick inserted into the thickest part, away from the metal tube. The pick should come out clean or with a few moist crumbs, with no wet batter.
Cool upright in the pan on a rack for 15 minutes. Carefully loosen the edges and center tube, lift away the outer ring, and let the cake firm up before easing it off the pan base onto the rack. Allow about 2 hours of cooling altogether, including the time in the pan, and longer if the center is still warm. Cool completely before glazing.
Make the Vanilla Butter Glaze
Whisk powdered sugar and cream until smooth.
Add vanilla extract and melted butter.
Stir until fully combined and pourable.
Adjust with extra cream (to thin) or powdered sugar (to thicken).
Drizzle over completely cooled cake.