Prepare Peach Cobbler Topping:
In a skillet over medium heat, melt butter. Add chopped peaches, brown sugar, cinnamon, and nutmeg. Cook for 5–7 minutes, stirring occasionally, until the mixture thickens. Remove from heat and set aside to cool.

Make Cheesecake Filling:
In a bowl, beat together cream cheese, powdered sugar, and vanilla extract until smooth. Transfer the mixture to a piping bag or a resealable plastic bag for easy filling.

Flatten Biscuits:
Separate the biscuit dough and gently flatten each piece into a 4-inch round using your fingers or a rolling pin.

Assemble Donuts:
Spoon a small amount of cheesecake filling into the center of each dough round. Carefully fold the dough over the filling, pinch the edges to seal, and form each into a donut shape.

Fry Donuts:
Heat oil in a deep pan to 350°F (175°C). Fry the donuts in batches for about 2–3 minutes on each side until golden brown and crispy. Remove and drain on paper towels.

Glaze Donuts:
In a small bowl, whisk together powdered sugar, milk, and vanilla extract to form a smooth glaze. Dip each donut into the glaze and return to the baking sheet.

Top with Peach Cobbler Mixture:
Spoon the peach cobbler mixture onto each donut while the glaze is still wet, allowing the topping to set.

Serve & Enjoy:
Let the donuts sit for a few minutes before serving. Best served warm!