I’d guess ice probably wouldn’t do a lot, just bubble violently. Youtube seems to confirm this: the deep fryer might boil over, but you don’t get the volcano of oil and steam that water causes.

Ice melts and boils from the outside in, it can’t mix around and all turn to steam more or less simultaneously like water can. You’d also have all the steam keeping the oil away from the ice slowing things down, something like the Leidenfrost effect.