Place a freezer-safe glass or metal loaf pan in the freezer.
Combine heavy cream, bubble gum flavoring, and food coloring in a chilled glass or metal bowl. Beat with an electric mixer until stiff peaks form. Beat in condensed milk until color is uniform. Add additional food coloring if needed.
Spread 1/3 of the mixture in the chilled loaf pan. Spread 1/3 of the gum ball pieces on top. Repeat layers twice more, ending with gum ball pieces. Cover the loaf pan with plastic wrap and freeze until firm, at least 5 hours.
