Spray 4- to 5-quart slow cooker with cooking spray. In 2-quart saucepan, heat milk to simmering over medium heat. Stir in sugar until dissolved. Remove from heat. In slow cooker, mix milk mixture and whipping cream with whisk. Stir in rice.
Cover; cook on Low heat setting 2 hours 30 minutes, stirring twice, until pudding is just set in center.
Stir cherries, vanilla and almond extract into pudding. Cover; cook 15 minutes longer. Serve warm, or cool completely, then cover and refrigerate at least 3 hours until chilled. Garnish with orange peel and almonds. Store covered in refrigerator.