Whisk the merlot, honey, and vanilla extract in a small saucepan until combined. Add the figs, cherries, and cinnamon stick. Bring to a simmer, partially cover, and cook until the fruit plumps, about 20 minutes. Remove from the heat, cover, and set aside to steep, at least 10 minutes and up to 2 hours.
Divide the frozen yogurt among 4 bowls (1/3 cup each) and top with warm or room temperature compote. Serve.
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