Grease and lightly flour a Bundt pan or tube pan; set aside. Do not preheat the oven.
In the bowl of a stand mixer fitted with the paddle attachment, beat the butter and sugar on medium-high speed until light and fluffy, about 3 to 4 minutes. Add the cream cheese and beat until smooth, about 30 seconds.
With the mixer on low, add the eggs one at a time, mixing well after each addition. Scrape the sides and bottom of the bowl as needed.
Gradually add the cake flour on low speed, scraping the bowl as needed. Mix just until combined, about 1 minute total.
Add the salt, vanilla extract, lemon zest, and lemon juice. Beat until smooth.
Transfer the batter to the prepared pan. Tap the pan on the counter a couple of times to release air bubbles.
Place the pan on a rack in the lower third of the cold oven. Close the oven and set the temperature to 300°F. Bake until a toothpick inserted in the center comes out clean, about 1 hour 50 minutes to 2 hours.
Cool in the pan for 10 to 15 minutes, then invert onto a serving plate or wire rack to cool completely.
Dust with powdered sugar or drizzle with lemon glaze. To make the glaze, whisk together the confectioners' sugar, 2 tablespoons of lemon juice, and vanilla extract until a thick, pourable glaze forms. Add more lemon juice to thin or more sugar to thicken. Drizzle over the cooled cake.