Tried it at the Texas State Fair 2 years ago (I try something that God did not mean to be fried yearly - last year it was cookie dough). Not too good. I think they essentially used coke syrup to make dough balls, which they then deep fried, put in curvy coke plastic cups, topped with whipped cream and more of the syrup.
It’s not. “Deep-fried cola” is basically funnel cake, except the batter is prepped with cola instead of water. It’s served with cola syrup and whipped cream.