Whipped cream from milk powder
There are methods that whip very cold (up to semi-frozen) low-to-no-fat UHT milk to a whipped cream consistency using an immersion blender with the whipping disk. The key factors are temperature and fat content, for both, the lower the better.

I would not recommend using this product for a cake, because the stability is quite limited1. Topping a dessert and serving it immediately is fine, any kind storage is not.

I would expect that a non-fat milk powder in cold water works just as well and I vaguely remember my mom doing something along that line a few decades ago.



1 Some sources suggest adding instant gelatine powder for stabilization, but as I have never tried it, I can’t confirm how well it works.