Scientists are concerned about the health risks associated with consuming a diet high in saturated fats. In this regard, oleogels have been used as a shortening substitute by researchers. This present study evaluated the role of stearyl alcohol (SA)-, and Span-60 (SP)-tailored sunflower wax/sunflower oil oleogels upon butter replacement in whole wheat batter and cake. The evaluation of the cake batter under PLM microscopy revealed that a complete replacement of butter with SA-containing oleogels, i.e., Sa-C, showed homogenously distributed smaller gas cells. A uniform distribution of gas cells assists in stabilization and contributes to the porosity of the cake. The DSC and FTIR studies confirmed the prominent melting of amylose-lipid complexes in batter Sa-C. The baked cake Sa-C showed the existence of large pores in the cake matrix, which may have assisted in softening the cake. Further, low starch–lipid interactions were also observed in the FTIR spectra of Sa-C cake crumbs. The SR studies of cake crumbs revealed a higher stress-relaxing ability in Sa-C from the control. Although there were no observed variations in the cake hardness values, Sa-C showed a reduction in the chewiness from the control. This current study suggests the possibility of using emulsifier-tailored oleogels as a potential substitute for butter in the baking formulation.