Layer 2/3 of the pie filling in the bottom of graham cracker crust; reserve remaining 1/3 for topping.
In a medium saucepan, combine the pudding with milk, egg yolk, and sugar. Cook over medium heat until pudding has set up. Pudding will be very thick; this is okay. Remove pudding from stove and transfer to a 1 quart bowl. Stir in the cream cheese until completely combined.
Fold in 1/2 of the whipped topping into the pudding mixture. Pour mixture into pie shell and top with the remaining whipped topping. Garnish top of pie with cherries that are in reserved pie filling. Cover and refrigerate for 3 hours.
