Combine warm milk, sugar, and yeast. Let rest for 10 minutes until foamy.
Add eggs, flour, butter, and salt. Knead for 6–8 minutes until smooth. Cover and let rise for 1 hour.
Roll out dough and cut donut rounds. Fry at 350°F for 2 minutes per side or bake at 375°F for 12–15 minutes.
Beat cream cheese, powdered sugar, vanilla, and heavy cream until smooth and fluffy.
Cook peaches with butter, sugars, cinnamon, and nutmeg until soft. Add cornstarch slurry and simmer until thickened.
Mix crumble ingredients until crumbly and bake at 350°F for 10 minutes until golden.
Fill cooled donuts with cheesecake filling, spoon peach cobbler topping over each, sprinkle with crumble, and drizzle glaze.