For the cookies, preheat the oven to 375 F. Line at least 2 standard baking sheets with parchment paper; set aside.
Beat butter and sugars on low to medium speed until light and fluffy, about 2 minutes. Add eggs one at a time, mixing to combine between each addition.
Add flour, salt, baking powder, baking soda, vanilla, chocolate chips, and toffee bits (reserving 1 tablespoon each of chocolate chips and toffee bits), and beat until a dough forms. Fold in M&M's and pretzels (reserving 1 tablespoon of M&M's and a few pretzels for decorating).
Use a 4-ounce scoop or ½ cup measure to portion 1 ball of cookie dough onto the center of each baking sheet. Place a sheet of parchment over the cookie dough, and press evenly to flatten to a 6-inch circle. Top with a baking sheet or the bottom of a pot and press again for an even finish. Remove top layer of parchment.
Bake 2 sheets at a time for 8-10 minutes until golden brown, rotating baking sheets from top to bottom halfway through baking.
Use the parchment paper to slide the cookies onto the countertop to cool. Cool baking sheets at least 10 minutes between rounds before repeating with remaining dough. You should have about 10 large cookies.
To prepare the caramel filling, place caramels and 2 tablespoons of water in a small pot over low heat, stirring occasionally until melted. Stir in heavy cream and bring to a simmer. Remove from heat; cool to room temperature before using.
To prepare the marshmallow filling: bring ¼ cup water, corn syrup, and sugar to a simmer in a small pot. Begin whipping egg whites on medium speed to soft peaks with a stand mixer. Continue to cook sugar until thickened to a corn syrup consistency, and the temperature on a candy thermometer reaches 235 F. Remove from heat and make sure egg whites are whipped to medium peaks.
Reduce mixer speed to low, and slowly pour the sugar syrup into the bowl (between the whisk and the sides of the bowl to avoid splattering) until all has been added.
Continue to whip for 4-5 minutes until thickened and fluffy. Add vanilla and salt and whip lightly to combine.
Transfer marshmallow filling to a piping bag fitted with a medium round tip and set aside.
Transfer chocolate hazelnut spread to a piping bag and cut a ½-inch hole in the top.
Pipe a small dollop of marshmallow filling onto a cake stand or platter. Top with a cookie. Pipe a ring of marshmallow around the edge of the cookie, leaving at least ¼-inch border around edges. Pipe a ring or two of chocolate hazelnut spread next to the marshmallow. Fill the center with a spoonful of caramel and spread evenly.
Repeat with remaining layers, topping with a final cookie.
Drizzle remaining caramel onto one edge of the cookie cake. Transfer remaining chocolate hazelnut spread to a small bowl and loosen by stirring in a few drops of oil at a time until pourable. Drizzle chocolate spread over the caramel. Finish cake with kisses of marshmallow (use a torch to brown if desired), and remaining candy and pretzels.
Chill at least 1 hour, or prepare and refrigerate overnight. Let stand at room temperature 30 minutes before slicing.