Preheat oven to 325 degrees F. Prepare an 8x8 or 9x9 square baking dish with cooking spray; set aside.
To make the cake, in a bowl fit with a mixer, cream granulated sugar and butter.
Add eggs, one at a time. Add vanilla and almond extract, plus a pinch of salt.
In a small bowl, whisk together flour, baking powder and cinnamon. Add dry ingredients to butter mixture and beat just until moistened.
Spoon batter into prepared pan; spread evenly.
Prepare the cherry filling. Combine cherry pie filling and nuts. Drop spoonfuls of cherry filling onto top of cake. Use a spoon to carefully poke cherries down into batter.
To make the topping, combine butter, flour, brown sugar and cinnamon. Pinch topping together until crumbs form. Carefully press crumb mixture into top of cake.
Bake crumb cake 50-60 minutes or until a toothpick inserted into the center comes out clean. Allow cake to cool before icing.
To make the icing, combine powdered confectioners' sugar and water. Mix until smooth. Drizzle over the top of crumb cake.
Allow icing to set; cut cake.