Prepare waffles, following the directions on the package.
Add heavy cream and powdered sugar to the bowl of a stand mixer. Beat until stiff peaks form. Add 3 tbsp caramel sauce and mix to combine.
Dip apples in caramel sauce, of slice into pieces, if you prefer to decorate the waffle cakes this way.
You need 4 waffles for each waffle cake. Layer waffles with layers of whipped cream and about 1 tbsp caramel sauce in between. Top with sliced apples or caramel apples, caramel sauce and whipped cream. Serve immediately.