Preheat oven to 350 degrees F. Spray 9x13-inch pan with cooking spray and set aside.
Combine flour, sugar, baking soda, baking powder, and salt in a medium sized bowl and stir with a whisk until well mixed and smooth.
In a large bowl or stand mixer fitted with a whisk attachment, beat together the eggs, oil, extracts, and buttermilk.
Beat in the dry ingredients and the cream soda, alternating between the two until batter is smooth. Mix in the toffee bits.
Pour batter into the prapared baking pan and bake for 25 to 30 minutes until top center of the cake springs back when touched. Allow to cool for 45 minutes.
Poke holes all over the cake by using the handle of a wooden spoon, pour sweetened condensed milk in the holes, making sure to cover the whole cake, use a rubber spatula to spread. Allow to set for 30 to 45 minutes.
Make frosting by combining all ingredients in a large bowl or stand mixer fitted with a whisk attachments and beat on medium-high for about 3-4 minutes until a light and fluffy frosting forms. Spread frosting onto the cake and finish with butterscotch sauce and sprinkles.