Preheat oven to 300°F. Grease and flour a tube pan or coat with baking spray.
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 into the prepared pan. Tap lightly to release air bubbles.
Bake for 1 hour 30–45 minutes, or until a toothpick inserted into the center comes out clean.
Cool in the pan for 15 minutes, then remove the outer ring and 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.