Preheat oven to 425. Line a sheet pan with oversized parchment paper (for easy clean-up). Place bacon strips along pan and cook for 8-12 minutes, or until brown and crispy. Flip bacon strips halfway through cook time. Remove from oven and pat off grease. Chop bacon into small, sprinkle-sized pieces.
Place small pan over medium heat. Melt butter and granulated sugar together until fully incorporated and fully melted, stirring frequently. Slowly add cream and salt, stirring until it reaches a full boil. Let boil 1 minute then add powdered sugar and stir another 2 minutes. Remove from heat.
Separate the biscuits from the can and place them on a cutting board. Use a small biscuit cutter, bottle cap, shot glass (etc.) to cut holes out of the center of each biscuit. Save the holes for last.
Lightly grease an air fryer basket. Place half of the donuts in a single layer in the air fryer (they should not be touching). Set air fryer to 375°F. Cook for 3-4 minutes total or until golden brown, flipping halfway through. Place donuts on a cooling rack over a jelly pan. Repeat with the remaining biscuits and then the donut holes which will take 2-3 minutes.
Drizzle caramel glaze over each donut and then sprinkle the bacon while the glaze is fresh.