Preheat the oven to 350 degrees F. Spray a 10-inch tube pan with cooking spray.
Cut each biscuit into 2 half moons to make 48 biscuit pieces. Separate the pieces into 2 piles.
Working with half of the dough, flatten a piece of biscuit in your hand and stuff it with a cheese cube and about 1/4 teaspoon fig preserves (it is easier to roll if you use the little pieces of fig from the preserves). Gather the dough around it and roll into a ball. Repeat with the remaining dough, cheese and jam to make 24 balls; set aside.
With the remaining dough, stuff and roll each piece of biscuit with an olive.
Toss the almonds and parsley together in a medium bowl. Toss the Cheddar, paprika and cayenne together in another medium bowl. Put the melted butter in a small bowl.
Alternating every so often between the two flavors, dip the cheese and jam balls in butter, then roll them to coat in the almond topping; and dip the olive balls in butter and roll them to coat in the Cheddar topping. Arrange the balls in the tube pan so that the flavors are interspersed.
Bake the bread until golden brown all over and the dough is baked through, about 35 minutes. Cool in the pan 10 minutes, then turn out onto a plate and serve warm.