Prepare the Crust: Preheat oven to 325°F (163°C). Mix graham cracker crumbs, granulated sugar, and melted butter until combined. Press into the bottom of a 9-inch springform pan. Bake for 8-10 minutes, then cool.
Make the Cheesecake Filling: In a large bowl, beat cream cheese until smooth. Add granulated sugar and mix until combined. Stir in sour cream and flour. Add eggs one at a time, mixing just until incorporated. Fold in vanilla extract and torn cotton candy.
Bake the Cheesecake: Pour the batter over the cooled crust. Place the springform pan in a larger pan and add an inch of hot water for a water bath. Bake for 55-60 minutes or until the center is slightly jiggly. Turn off the oven and let the cheesecake cool inside with the door slightly open for 30 minutes. Then, remove and cool completely before refrigerating for at least 4 hours or overnight.
Prepare the Whipped Topping: In a chilled bowl, beat heavy cream and powdered sugar until stiff peaks form.
Assemble & Serve: Spread or pipe the whipped topping over the chilled cheesecake. Decorate with additional cotton candy just before serving.