Mix the water and gelatin in a small bowl. Let the mixture rest for 4-5 minutes. Set aside to cool. Microwave gelatin on high until melted, about 10 seconds. Set aside
In a medium bowl, whip heavy cream until foamy and soft peaks with an electric mixer. Add confectioners’ sugar and continue whipping until stiff peaks form.
Place the cream cheese in another bowl and beat over medium speed until smooth, creamy, and free of lumps. Add dulce de leche, vanilla extract, and gelatin mixture; beat until smooth. Scraping the bottom and sides of the bowl occasionally.
Add whipped heavy cream and gently foil in using a spatula.
Pour the mixture over the crust; tap gently to remove any air bubbles. Smooth the top with a knife. Cover with plastic wrap, and refrigerate until firm, at least 4-6 hours, ideally overnight.
Before unmolding, run a sharp knife between the cheesecake and the side of the pan. Unclasp the sides of the pan and remove cheesecake.
Decorate as your heart desires! I added shredded coconut and then drizzled more dulce de leche.