Preheat the oven to 325°F. Grease and line three 8-inch round cake pans with parchment paper.
In a bowl, whisk together the flour, baking powder, baking soda, salt, and strawberry Jell-O powder. Set aside.
In a stand mixer fitted with the paddle attachment, or using an electric hand mixer, beat the softened butter, oil, and sugar together on medium speed for 2 minutes, until light and fluffy.
Add the eggs one at a time, mixing well after each addition.
In a separate bowl or liquid measuring cup, whisk together the milk, ½ cup of strawberry jam, and vanilla extract.
Add about one-third of the dry ingredients and mix until mostly combined, then add half of the wet ingredients and mix until just incorporated. Repeat with another third of the dry ingredients, then the remaining wet ingredients, finishing with the final third of the dry ingredients. Mix just until combined. If desired, add 1–2 drops of red food coloring for a deeper pink color. Scrape down the sides and bottom of the bowl, then give the batter a final gentle mix by hand to ensure everything is evenly incorporated.
Divide the batter evenly between pans (about 420g each). Bake for 20–25 minutes, or until it springs back to the touch, or a toothpick inserted in the center comes out with a few moist crumbs.
Cool in the pans for 10–15 minutes, then transfer to a wire rack to cool completely before assembling.