Begin by beating cream cheese in a mixing bowl until smooth and creamy, about 2-3 minutes. Gradually mix in powdered sugar, vanilla extract, and cotton candy flavoring until well combined. Fold in whipped topping and heavy cream gently until light and fluffy. Chill this filling in the refrigerator for 30 minutes.

Lightly dust a clean work surface with all-purpose flour. Unroll one can of refrigerated biscuit dough and flatten each round into 1/8 inch thick circles using a rolling pin.

Scoop about 1-2 tablespoons of the cheesecake mixture and roll it into a smooth ball between your palms. Place the ball at the center of each flattened dough circle. Fold the edges of the dough over the filling, pinching to seal and form a ball shape.

Heat vegetable oil over medium-high heat until it reaches 350°F. Carefully drop the cheesecake bombs in batches, frying for 1-2 minutes on each side until golden brown. Transfer to a plate lined with paper towels to drain excess oil.

While still warm, roll the bombs in granulated sugar to coat. Dust with powdered sugar and add pieces of cotton candy on top before serving immediately.