This sugya has much more to it than the people posting here realize, and I suggest you learn it before determining your halachik opinions about it.
First of all, there is a question of whether or not bishul akum applies to donuts at all since they may be pas, in which case there is a heter of pas paltar. This is dependent on a machloket surrounding pas habah b’kisnin in hilchot challah and hilchot bircat hamazon (the question is the status of boiled dough). Though it sounds like the non-pas approach is preferred in hilchot b’rachot, there is another side, and IIRC, R’ Ovadya Yosef rules donuts are ok in part because of this.
Then, even if one says they are bishul and not pas, the OP was correct to bring up oleh al shulchan melachim. However, it is also not obvious how that is defined–some define it for today as that which would be served at a wedding or similarly fancy event, which it is unlikely donuts would be. There are a couple other issues involved, though I have to run at the moment. Point being: learn the sugya a little more in depth.