Add strawberries, jam, sugar, and lemon juice to a medium-sized pot and bring to a boil over medium-high heat, stirring occasionally.
Continue to boil for an additional 8-10 minutes until juices have released, strawberries have softened and the sauce has thickened quite a bit to concentrate the berries.
Remove strawberries from heat and allow them to cool. Then place them in the refrigerator for 1 hour to completely cool them down.
Whip heavy cream to stiff peaks and set aside.
Add cream cheese to the bowl of a stand mixer or a medium-sized bowl if using a hand mixer.
Beat on medium-high speed, then slowly add in condensed milk and vanilla extract, and mix until completely smooth.
Turn off the mixer and fold whipped cream into the cream cheese mixture using a spatula.
Once whipped cream is folded in, carefully fold in the strawberries into the batter, only folding 3-4 times just until the strawberries have distinctly swirled through the batter (don’t over fold the strawberries because you will turn the entire ice cream mixture pink).