Pour the heavy whipping cream into a bowl and sprinkle the unflavored gelatin over the cream. Allow to stand for 2 minutes.
Place the cream cheese and condensed milk in a large bowl and beat until smooth.
Microwave the heavy cream for 45 seconds and stir in the gelatin until completely dissolved and combined. If needed, microwave for an extra 15 to 30 seconds.
Once the gelatin is completely dissolved, beat it into the cream cheese.
Add the milk, pudding mix and vanilla to the cream cheese and beat in well.
Reserve a couple of tablespoons of the cool whip for decorating, then add the remaining cool whip to the pie and beat on low for 30 seconds just until combined.
Divide the cheesecake filling into 5 bowls and add a different food coloring to each bowl. Stir until combined.
Pour half of one color into the bottom of each of the pie crusts, gently spoon on another color and spread evenly. Repeat until all the colors have been added.
Refrigerate the pie until set, about 6 to 8 hours.
Before serving, pipe the remaining cool whip onto the pie.