In a small bowl, combine warm milk and a pinch of sugar. Sprinkle yeast over top and let sit for 5-10 minutes until foamy.
In a stand mixer with dough hook, mix flour, remaining sugar, and salt. Add yeast mixture, butter, and eggs. Knead on low then medium for 5-7 minutes until smooth.
Shape dough into a ball, place in a greased bowl, cover, and let rise in a warm spot for 1 hour until doubled.
Punch down dough, roll out to ½-inch thickness on a floured surface, and cut out 3-inch rounds. Place on a lined baking sheet, cover, and let rise 30 minutes.
Beat cream cheese, powdered sugar, and vanilla until smooth. Transfer to a piping bag with a small round tip.
Toss diced peaches with honey in a bowl; set aside.
Heat 2 inches of oil to 350°F. Fry donuts in batches for 1-2 minutes per side until deep golden. Drain on paper towels.
While still warm, poke a hole in the side of each donut. Pipe cheesecake filling inside until you feel resistance.
Top each donut with honeyed peaches and sprinkle generously with toasted graham cracker crumbs. Serve immediately.