Stir cream cheese and yogurt together with a silicone spatula in a medium bowl until smooth. Set aside.
In a separate medium bowl, whisk together eggs, milk, maple syrup, vanilla and cinnamon until mixed. Pour into a pie plate or other shallow dish.
Heat a large skillet over medium heat. Melt 1 Tbsp butter in the skillet.
Spread about 1 Tbsp cream cheese mixture onto each slice of bread. Spread 1 Tbsp of the cherry preserves on 4 of the slices. Close each of the slices with the cherry preserves with a slice of bread without cherries together to form a sandwich.
Dip each sandwich in the egg mixture. Immediately place in the skillet. Repeat with remaining sandwiches. Cook until golden brown on both sides, about 5 minutes per side.
Serve immediately, with powdered sugar if desired.