Just before rolling out the dough, fill a dutch oven or heavy bottomed pot with enough vegetable oil to cover 2” (5 cm). Heat the oil over low-medium heat and bring to 350 degrees F (180 degrees C).
Place a wire rack over a paper towel lined baking sheet. On a separate baking sheet, cut out 10 4” (10 cm) parchment squares for the donuts.
Meanwhile, make the cinnamon glaze. In a medium bowl, combine the powdered sugar, heavy cream, and cinnamon. Gently whisk until fully combined. Over-whisking may lead to a thicker glaze as the heavy cream would turn into whipped cream.
Roll the dough out between two pieces of well-floured parchment paper to ½” (1.25 cm) in thickness. Brush away any excess flour.
Use well-floured 3” (7.5 cm) and 1” (2.5 cm) round cutters to cut out as many donuts as possible and place each on a parchment square. Re-roll the excess dough and cut out more donuts as needed.
Use the parchment squares to gently lower 2-3 donuts into the hot oil. Fry the donuts for 3 minutes on the first side, then flip over and fry for an additional 2-3 minutes, or until deeply golden.
Transfer the donuts to the wire rack. Wait a couple of minutes for the oil to come back up to 350 degrees F (180 degrees C), then continue frying the donuts. Do not fry donuts at a temperature less than 340 degrees F or the donuts will absorb the oil.
Once the donuts have cooled just enough to handle, dip them in the cinnamon glaze. For a thicker glaze coating, wait until the donuts have completely cooled, then dip in the glaze.