Prepare the filling: In a small mixing bowl, beat together cream cheese, powdered sugar, and vanilla extract until smooth and creamy. Set aside.
Heat the oil: In a deep skillet or Dutch oven, heat 2–3 inches of oil to 350°F (175°C). Use a thermometer to ensure proper temperature.
Prepare the biscuits: Separate the biscuit dough and slightly flatten each round. Place about 1 teaspoon of the cheesecake filling in the center, then seal the edges tightly, rolling into a smooth ball to enclose the filling. Repeat with all biscuits.
Fry the donuts: Carefully drop each filled dough ball into the hot oil, frying 1–2 minutes per side until golden brown. Remove with a slotted spoon and drain on a paper towel-lined plate.
Fill and top: Once slightly cooled, make a small slit in the side of each donut and spoon in strawberry jam. For an extra touch, spread some jam on top, sprinkle with graham cracker crumbs, and garnish with a fresh strawberry.
Serve: Dust with powdered sugar if desired and enjoy warm.