Line a 9x13-inch pan with a parchment sling (for easy lifting). Set a fine-mesh strainer over a bowl and drain the crushed pineapple well; press with a spoon to remove excess liquid. Pat the cherries dry with paper towels. If whipping cream, chill the mixing bowl and beaters.
Stir the graham cracker crumbs with the melted butter until evenly moistened. Pour into the prepared pan and compact firmly with the bottom of a measuring cup, pressing into the corners. Refrigerate 20 minutes to set.
In a medium bowl, beat the cream cheese and softened butter until completely smooth, about 1 minute. Add the powdered sugar in two additions, beating after each until fluffy, then mix in the vanilla. Spread this layer evenly over the chilled crust.
Toss the banana slices with the lemon juice. Arrange bananas over the cream cheese layer, then scatter the well-drained pineapple on top. Press lightly with clean hands so the fruit adheres.
Spread the whipped topping (or freshly whipped cream) over the fruit, sealing all the way to the edges to keep the bananas from browning.
Drizzle the warm hot fudge in zigzags, sprinkle with chopped nuts, nestle the cherry halves across the top, and finish with dark chocolate shavings.
Chill for at least 3 hours (or up to overnight). For extra-clean slices, place in the freezer for 15–20 minutes before cutting and use a warm knife wiped clean between cuts.