Cheez Whiz doesn't seem to come in spray bottles, the Kraft spray stuff seems to be Cheese Zip.

Going by the amazon listing Cheese Zip's German ingredient list is

Wasser, 33% Cheddarkäse und Pflanzenöl, Sojaöl, modifizierte Maisstärke, Schmelzsalze (Natriumphosphate, Polyphosphate), Salz, Säureregulator Milchsäure, Aroma (enthält Milch), Stabilisator Natriumalginat, Konservierungsstoff Sorbinsäure, Verdickungsmittel Xanthan, Farbstoff Paprikaextrakt.

Water, 33% Cheddar cheese and vegetable oil, soy oil, modified maize starch, melting salts (sodium phosphates, polyphosphates), salt, acid regulator lactic acid, aroma (contains milk), stabiliser sodium alginate, preservative sorbic acid, thinkener xanthan, colouring paprika exctract

I was a bit mistaken before: It's not 50% cheese as such but 50% of dry weight must be cheese, and at least 20% of the product must be dry weight. But they're not calling it Schmelzkäsezubereitung so chances are it isn't. Also WTF is "cheddar cheese and vegetable oil" supposed to mean as a combined percentage. I'm kinda surprised it's even legal but they're definitely telling on themselves, there.

This stuff is a melt cheese preparation, essentially our version of Cheez Whiz I think:

Sahne (40%), Käse (31%), Butter, Molkenpulver, Schmelzsalze (E339, E451), Speisesalz

cream (40%), cheese (31%), butter, whey powder, melting salts (sodium phosphate, triphosphates), table salt