Preheat your oven to 325°F (160°C).
In a mixing bowl, combine the graham cracker crumbs, 1/4 cup of sugar, and melted butter until well mixed. Press this mixture evenly into the bottom of an 8-inch springform pan.
In a large mixing bowl, beat the cream cheese until smooth. Add in the sour cream and continue beating until well combined. Gradually add the sugar while beating.
Beat in the eggs one at a time, making sure each egg is fully mixed before adding the next one. Stir in the vanilla extract and butter flavoring until smooth.
Add in the butterscotch sauce, cream soda, and butterscotch chips. Stir until well blended.
Pour the cream cheese mixture over the prepared graham cracker crust and smooth out the top.
Place your cheesecake in the preheated oven along with a pan of water on the rack below. Bake for about 60 minutes or until the edges are set.
Turn off the oven and leave your cheesecake inside with the door slightly ajar for about an hour to cool gradually.
Remove your cheesecake from the oven and refrigerate it for at least four hours—preferably overnight—to allow it to set completely.
Top it generously with cool whip before serving.