Heat waffle maker. In 1 1/2-quart saucepan, mix apple pie filling and cherry preserves. Cook over low heat until warm, stirring frequently. Remove from heat; keep warm.
In shallow dish, beat eggs, 1 teaspoon of the cinnamon and 1 tablespoon of the whipping cream with wire whisk until foamy. Separate dough into 8 rounds. Dip each round in egg mixture, coating well. Place 2 to 4 rounds in waffle maker; close lid. Cook 3 to 4 minutes or until crisp and golden brown. Repeat with remaining rounds.
Meanwhile, in medium bowl, beat remaining whipping cream, remaining 1/2 teaspoon cinnamon and the brown sugar with electric mixer on high speed until stiff peaks form.
To serve, spoon warm apple mixture over waffles; top with sweetened whipped cream.