Cook the bacon in a pan on low-medium (just about right) until crispy. Remove from pan to a paper towel lined plate. Let it cool fully then chop or tear into little bits.
Place the thawed out and drained peas in a big bowl. If they still appear wet, use a paper towel to pat dry.
In a small bowl, combine the mayonnaise, sour cream, apple cider vinegar, granulated sugar, salt, and ground black pepper; mix thoroughly until there are no lumps.
Add the crumbled bacon, shredded cheddar cheese, and chopped red onion to the bowl with peas.
Pour the creamy dressing over the pea mixture and gently toss everything until all of the ingredients have been equally coated.
Cover and place in the refrigerator for at least 30 minutes so that the flavors can meld. Before you serve this cold salad, give it one good stir.