Place cinnamon and sugar in a brown paper bag, Ziploc bag, or shallow dish, mix well, and set aside.
Remove the biscuits from the can and separate. Use a 1 inch biscuit cutter, cookie cutter, or something round to cut the center out of each biscuit.
Lightly coat the basket of the air fryer with cooking spray.
Place donuts in a single layer in air fryer basket. Add as many that will fit without touching.
Bake at 360 degrees Fahrenheit for 5 minutes (flipping at the 2.5 minute mark) or until golden brown.
Immediately dip in butter then coat in the cinnamon/sugar mixture. Repeat this process until all donuts are cooked, then cook the donut holes for the same amount of time.
Serve immediately. Place leftovers in a sealed container and eat within one or two days.