Preheat your oven to 300°F (150°C). Line a cake pan with parchment paper. Wrap the outside of the pan with aluminum foil to prevent water from seeping in during the water bath.
In a bowl, melt the cream cheese, milk, and butter over low heat until smooth. Let it cool to room temperature.
Sift together the flour and cornstarch, then gradually whisk into the cream cheese mixture.
Add the egg yolks, lemon juice, and vanilla extract. Mix until smooth.
In a separate bowl, beat the egg whites until foamy. Gradually add the granulated sugar, beating until stiff peaks form.
Gently fold the egg white mixture into the cream cheese batter, being careful not to deflate the whites.
Pour the batter into the prepared cake pan and place it in a deep baking pan. Pour hot water into the baking pan to create a water bath.
Bake at 300°F (150°C) for 60 minutes, then reduce the temperature to 250°F (120°C) and bake for an additional 30 minutes.
Turn off the oven and let the cake cool inside with the door slightly ajar for 15-20 minutes. Then, remove and cool to room temperature.
Before serving, dust with powdered sugar and slice as desired.
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