Preheat oven to 350°. Spray 2 (9-inch) round baking pans with cooking spray, and line bottoms with parchment paper. Lightly spray parchment paper with cooking spray.
In a food processor, pulse together hazelnuts and ¾ cup flour until hazelnuts are finely ground, being careful not to over process and create a nut butter. Add remaining 1½ cups flour, baking powder, and salt, pulsing until combined.
In a medium bowl, beat cream with a mixer at medium-high speed until stiff peaks form.
In a large bowl, beat together eggs and sugar with a mixer at high speed until thickened and light yellow. Add vanilla, beating until incorporated. Fold flour mixture into egg mixture, alternately with whipped cream, until combined. Divide batter evenly between prepared pans.
Bake until a toothpick inserted in centers of cakes comes out clean, 20 to 25 minutes. Let cakes cool in pans for 10 minutes. Remove from pans and let cool completely on wire racks.
Using a serrated knife in a gentle sawing motion, cut each cake layer in half horizontally to create 2 thin layers. Place a thin cake layer on a cake plate, and spread layer with ¾ cup Whipped Cream Frosting. Top with a second cake layer, and spread layer with ½ cup preserves, leaving a ½-inch border. Repeat with remaining 2 thin cake layers, Whipped Cream Frosting, and rasp berry preserves.
Spread a thin layer of Whipped Cream Frosting over sides of cake. Freeze cake until firm, approximately 30 minutes. Refrigerate remaining Whipped Cream Frosting until needed.
Spread another layer of Whipped Cream Frosting over sides of cake. Transfer remaining Whipped Cream Frosting to a piping bag fitted with a medium open star tip (Wilton #lM). Pipe a shell border along top and bottom edge of cake. Refrigerate until ready to serve.
Just before serving, arrange rasp berries over top layer of raspberry preserves. Dust raspberries with confectioners' sugar, if desired.