In a large bowl, use an electric mixer to beat the cream cheese and granulated sugar until smooth and creamy.
Gently fold in ½ cup of Cool Whip until just combined for a light and fluffy mixture.
Spread the cream cheese mixture evenly into the prepared pie crust, smoothing the top with a spatula.
Arrange sliced bananas in a single layer over the cream cheese mixture.
Evenly spread the drained crushed pineapple over the bananas.
Spread the remaining Cool Whip over the pineapple layer, covering the entire pie.
Refrigerate for 2-4 hours or overnight to allow the pie to set and firm up.
Before serving, drizzle chocolate and strawberry sauce on top, sprinkle with chopped peanuts, and garnish with maraschino cherries. Slice, serve, and enjoy!