Step 1: Understanding the Concept:
Water activity ($a_w$) is the ratio of the vapor pressure of water in food to that of pure water at the same temperature.
Step 2: Detailed Explanation:
The addition of soluble solutes (especially sucrose and lactose) depress water activity according to Raoult's law.
Sweetened condensed milk contains approximately $40\text{--}45\%$ added sucrose, which depresses its water activity to $a_w \approx 0.83\text{--}0.85$, preventing bacterial growth.
In contrast, whole milk, cream, and unfrozen ice cream mix have high water activities ($a_w > 0.97\text{--}0.99$).
Step 3: Final Answer:
Therefore, sweetened condensed milk has the lowest $a_w$ among the given products.