Remove cream cheese from refrigerator 30 minutes before starting. Cut into chunks once softened.
Crush freeze-dried strawberries slightly in a zip-top bag with a rolling pin to break up any large pieces.
Add cashews to food processor and pulse 10-12 times until they resemble coarse sand. Scrape down sides halfway through. Stop before they become cashew butter.
Add freeze-dried strawberries to the food processor and pulse 5-6 times until broken down and distributed throughout the cashew mixture.
Add cream cheese chunks, protein powder, and 2 tablespoons honey. Process continuously for 20-30 seconds, stopping once to scrape down sides. The mixture should form a thick, sticky dough that holds together when pressed. If too crumbly, add the remaining tablespoon of honey and pulse again.
Taste the mixture and adjust sweetness if needed, adding honey ½ tablespoon at a time. The dough should be noticeably sweet, as flavors will mellow when chilled.
Scoop 1½ tablespoons of dough and roll between your palms into ping-pong-sized balls. Wet your hands with cold water if the mixture is sticky. You should get 14-16 balls total.
If using coating, roll each ball in crushed strawberries or graham cracker crumbs, pressing gently to adhere. Place on a parchment-lined plate.
Refrigerate for at least 30 minutes to firm up before eating. Store in an airtight container in the refrigerator for up to 2 weeks or freeze for up to 3 months.