Mash the bananas in a large bowl until smooth. Stir in the sweetened condensed milk and vanilla.

Whip the cold heavy cream to stiff peaks, 3 to 4 minutes. Gently fold it into the banana mixture in three additions.

Layer a third of the ice cream base in a 9x5-inch loaf pan, drizzle with a third of each sauce, and scatter a third of the peanuts. Repeat twice more.

Cover and freeze until solid, at least 6 hours. Let sit for 5 minutes at room temperature before scooping. Garnish with a cherry and serve.