Preheat oven to 350°F. For the Strata, mix eggs, sugar and extract in large bowl with wire whisk until well blended. Stir in milk until well blended. Add bread cubes and cherries; toss to coat well. Pour into greased 13x9-inch baking dish. Sprinkle evenly with almonds.
Bake 35 to 40 minutes or until knife inserted in center comes out clean. Cool slightly on wire rack.
Meanwhile, for the Almond Butter Sauce, bring sugar, butter and cream to boil in medium saucepan on medium heat. Reduce heat to low; simmer 10 minutes or until slightly thickened. Remove from heat. Stir in extracts. Serve with strata.