Preheat the oven to 325 degrees F (165 degrees C).

Place flour and white sugar into a medium bowl. Cut in margarine with 2 knives or a pastry blender until mixture resembles coarse crumbs. Press mixture into a 10x10-inch square baking dish.

Bake in the preheated oven until crust is lightly browned, about 25 minutes. Set aside crust to cool.

Beat together cream cheese and confectioners’ sugar in a large bowl with an electric mixer until smooth and creamy. Gently stir in whipped topping until well combined. Spread mixture over cooled crust in an even layer.

Pour milk into the same large bowl. Beat in chocolate and vanilla pudding mixes with an electric mixer until mixture is smooth and thickened, about 2 minutes. Spread pudding over cream cheese layer.

Wipe the same large bowl clean, then pour in cream and whip with an electric mixer to soft peaks. Spread whipped cream gently over pudding layer; sprinkle with chocolate wafers. Refrigerate for at least 1 hour before serving.