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Step 1
Heat an air fryer to 350ºF, or arrange a rack in the middle of the oven and heat the oven to 350ºF. Meanwhile, assemble the toast.
Step 2
Melt 3 tablespoons of the unsalted butter in a small microwave-safe bowl in the microwave. Alternatively, melt the butter in a small saucepan over medium-low heat.
Step 3
Place the remaining 1 tablespoon unsalted butter, 2 tablespoons of the honey, 1/4 teaspoon kosher salt, and 1/8 teaspoon ground cinnamon in a second small microwave-safe bowl. Microwave until the butter is melted, about 30 seconds. Stir to combine. Alternatively, melt together in a small saucepan over medium-low heat.
Step 4
Evenly spread 1 tablespoon of the melted butter on 1 slice of the milk bread. Top with 1/3 of the honey butter (about 1 tablespoon) and spread into an even layer. Repeat layering bread, melted butter, and honey butter two more times.
Step 5
Using a serrated knife and keeping the bread slices stacked, cut the top two bread slices into 9 even pieces; do not cut through the bottom slice of bread.
Step 6
Air fry or bake (transfer onto a baking sheet first if baking) until the honey butter mixture is ever so slightly bubbling, 8 to 10 minutes.
Step 7
Serve topped with whipped cream or vanilla ice cream, drizzled with the remaining 1 tablespoon honey.