Preheat the oven to 335 degrees F. Line the bottom of a 9-inch springform pan with parchment paper and spray the bottom and sides with cooking spray.
In a medium bowl, mix the flour, almond flour, baking powder, and salt together. Set the bowl aside.
Add the butter, sugar, and dulce de leche to a large mixer bowl. Beat at high speed until the mixture is smooth and creamy. This takes about two to three minutes.
Add the eggs and vanilla extract and mix again the mixture is smooth, about two more minutes. Then remove the bowl from the mixer, add the milk, and gently stir in.
Sift the dry ingredients into the mixing bowl with the cake batter and gently fold in until well combined. Pour the batter into the springform pan and smooth the top. Bake for 35 minutes.
While the cake is baking, warm up the dulce de leche slightly in the microwave and stir in the heavy cream until the mixture is smooth and creamy.
After the cake has baked for 35 minutes, remove it from the oven and poke the top all over with a fork. Pour the dulce de leche sauce over the top of the cake and spread it to the edges. Sprinkle the cake with the almonds.
Bake the cake for 15 more minutes. Then remove the cake from the oven and allow to cool. Then release the springform pan and plate.
Serve warm with ice cream or whipped cream.