Separate the biscuits and with a 1-inch biscuit cutter, cut holes out of the center of the biscuits. Make sure to save the hole cut outs to air fry as donut holes.
Lightly coat the air fryer basket/tray with oil spray. Place the donuts in a single layer in the basket/tray making sure they aren’t touching (you may need to cook in batches).
Air Fry at 330°F/165°C for 6-7 minutes, then gently wiggle to loosen. Flip over and continue Air Frying at 330°F/165°C for 1-3 minutes or until golden brown. Repeat with the remaining donuts and donut holes (they may cook a little quicker since the air fryer is now heated up).
While still warm, top with your preferred topping, glaze, or frosting (see note below for cinnamon-sugar topping).
Cinnamon Sugar Topping
1/2 cup sugar
2 Tablespoons ground cinnamon
2 Tablespoons butter, melted
Combine cinnamon and sugar together. Brush donuts with melted butter, then sprinkle with cinnamon-sugar.