Place sugar and water into 3-quart stainless steel sauce pot. Cook over medium-high heat until mixture turns deep caramel color, 5 to 8 minutes, stirring occasionally. Remove from heat; slowly whisk in cream. Bring to rapid boil; do not allow to steam. Stir in salt and butter. Set aside; keep warm.
To Make Fritters:
Mix flour, cornstarch, baking powder, baking soda and 1 tablespoon salt in medium bowl. Whisk in cold water. Heat 2 inches canola oil in large pot to 325° F. (Watch temperature carefully.) Dip apples into fritter batter. Carefully drop into hot oil. Cook 1 to 2 minutes until golden brown. Flip and cook an additional 1 to 2 minutes. Remove from oil and drain on paper towel. Repeat until all apples are cooked.
Place large spoon of apple butter in center of plate. Place one of the fritters on apple butter; top with slice of the cheese. Place another apple fritter on top, then drizzle with caramel sauce. Repeat with remaining ingredients.