It's a slur for homosexual, because the baked good resembles a loose asshole. Some synonyms, words or similar expressions can be rosca, black hole Used in US as well
"If you sitting on the autobus, and another man's leg touches yours and he doesn't move it, you say, ¿Órale, guey! Eres un roscón o algo así??"
* Only one "like" per meaning and day, the more "likes" the meaning will appear higher in the list
