Mince the red onion into fine 1/8-inch pieces and finely chop the fresh dill. If using frozen peas, thaw them completely and drain well in a colander—this is crucial to prevent a watery salad. Dice the hard boiled eggs into 1/2-inch pieces and crumble the cooked bacon into small bits. Have all ingredients prepped and ready before mixing.
In a small bowl or measuring cup, whisk together the mayonnaise and sour cream until smooth. Add the minced red onion, apple cider vinegar, sugar, salt, pepper, hot sauce, and fresh dill. Whisk until fully combined and taste for seasoning—I like to add an extra pinch of salt here since the peas themselves are quite mild and need assertive flavoring.
In a large bowl, combine the thawed and drained peas from Step 1, diced hard boiled eggs, and cheddar cheese. Pour the dressing mixture from Step 2 over the pea mixture and fold gently but thoroughly until everything is evenly coated. Make sure not to over-mix, which can break up the eggs and cheese unevenly.
Cover the bowl and refrigerate for at least 8 hours, or preferably overnight. This resting time allows the dressing to be fully absorbed by the peas and the flavors to develop and marry together. The salad actually tastes better the next day.
Just before serving, stir the crumbled bacon from Step 1 into the chilled pea salad. I hold off on adding the bacon until the last moment because it can lose its crispness if mixed in too early and exposed to the creamy dressing for hours. Serve chilled and enjoy!