Preheat your waffle iron to 375°F and lightly grease if needed.
In a large mixing bowl, sift together the flour, baking powder, cocoa powder, and salt.
In another bowl, whisk the eggs, whole milk, buttermilk, melted butter, vanilla extract, and a few drops of red food coloring until fully combined.
Gradually pour the wet ingredients into the dry ingredients. Stir gently with a spatula until just combined. Small lumps are perfectly fine and help create fluffy Red Velvet Waffles.
Pour batter evenly into the preheated waffle iron slots. Cook for 2–3 minutes per side or until waffles are crisp and cooked through.
While the waffles cook, prepare the cream cheese drizzle. Beat softened cream cheese, powdered sugar, and heavy cream until smooth and pourable.
Drizzle the cream cheese topping over warm waffles and serve immediately.