Using a stand mixer (or hand mixer + large bowl), blend together 4 oz cream cheese, 1/2 cup powdered sugar, and the marshmallow fluff on high until smooth, about 1-2 minutes. If using mini marshmallows, turn off mixer and add about 3/4 cup in with the marshmallow mixture, then gently stir with a spatula. Set bowl aside.
In another medium bowl, whip together remaining 1/2 cup powdered sugar, heavy whipping cream, and vanilla extract on high until stiff peaks form, about 3-5 minutes. Set whipped cream nearby.
In a new medium bowl, blend together remaining 4 oz cream cheese and cocoa powder on high until smooth, about 2-3 minutes. Add just-prepared whipped cream to bowl and mix on low until cream and chocolate are completely incorporated, about another 2-3 minutes.
To assemble the dip: Add fluffy marshmallow and chocolate dips to a single bowl, alternating between the two (TIP: alternate which side of the bowl you layer the flavors for a mixed looks). When the boil is full, use a spoon or butter knife to drag through the dip, swirling the colors together. Top the dip with the remaining 1/4 cup mini marshmallows.
Serve dip immediately with graham crackers for dipping.
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