You can freeze cheese if your sole purpose it to cook with it. Freezing cheese with change the texture of the cheese... It will crumble and be drier. Because you want to make this and serve it on Christmas Day I would suggest that you make up the Cheese ball but do not roll it in any outside coating ( nuts, parsley, etc) Cover the "naked" cheese ball with plastic wrap and put it in your Ref. On the day of your party, take it out of refrigerator, and roll it in your topping. The cheese ball will last in your ref for several weeks.

Some cheese balls freeze well, and others don't make it through the thawing process. It depends on the ratio of cream cheese to cheddar in your case. The more the cream cheese, the rougher time you'll have defrosting without it disintegrating.