Cook the apples, butter, brown sugar, cinnamon, and lemon juice in a saucepan for 7 to 9 minutes. Stir in cornstarch mixed with water and cook until thickened.
Transfer the apple filling to a shallow bowl and cool completely. Warm fruit can melt the cream layer and prevent the dessert from setting correctly.
Beat cream cheese, powdered sugar, and vanilla until smooth. Fold in the whipped topping with gentle strokes to keep the mixture light.
Arrange one layer of graham crackers across the bottom of an 8-inch square dish. Break a few pieces as needed to cover gaps.
Spread one-third of the cream mixture over the crackers, followed by one-third of the apples. Repeat the layers two more times.
Cover and refrigerate overnight, or for at least 8 hours. Slice cold and drizzle with caramel sauce shortly before serving.
