Crush a waffle cone with the base of your palm. Toss the waffle cone pieces with melted butter. Mix together the cinnamon sugar and then sprinkle it onto the waffle chips.
In a saucepan over medium heat, combine melted butter with sweetened condensed milk. Once they are combined, stir in the chocolate and peanut butter. Remove from heat and allow to cool slightly before use.
In a cast iron skillet, pour in all of the waffle cone chips. Top the chips with scoops of ice cream and drizzle the hot fudge sauce. Top with peanuts, sprinkles, whipped cream, and cherries.