The most common and most likely answer to this crossword clue is the 5 letter word PATTY
P
A
T
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Y
Buddy explains!

The straight part
We know that "Cake" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cake = patty.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PATTY mean?
PATTY noun- (US, Australia, New Zealand) A flattened portion of ground meat or a vegetarian equivalent, usually round but sometimes square in shape.
- A pastry with various fillings and spices baked inside a flaky shell, often tinted golden yellow with an egg yolk mixture or turmeric.