Using a serrated knife, slice the carton of ice cream into 4 even round pieces. Peel off the carton, then place 1 disc of ice cream on each of 4 pizzelle cookies. Coat with peanuts and hot fudge, top with a second pizzelle and press down. Wrap in plastic and place in the freezer for at least 2 hours.
Heat a cast-iron skillet or griddle over high heat for 5 minutes. Mix the sugar and cinnamon together well on a plate.
Lay out the tortillas and spread them with a thin layer of dulce de leche, leaving a 1-inch border around the edge. Add a small amount of rainbow sprinkles across the dulce. Unwrap the pizzelle ice cream sandwiches and place them in the middle of each tortilla, then fold the tortilla around them to wrap well. If the tortilla is not large enough and there is a gap, cut the 5th tortilla in quarters and adhere 1 quarter to the bottom of each sandwich with dulce de leche.
Coat the cast-iron pan with ghee and add the wraps, seam-side down, pressing down with the back of a spatula to sear, about 9 seconds. Flip and repeat the searing. Move to the plate with the cinnamon sugar and turn to coat. Serve immediately. Repeat with the remaining wraps.