Dissolve the yeast in the 3 tablespoons warm water (110–115°F) and stir until a paste forms; set aside.
In a large bowl whisk together 5 cups all-purpose flour, 1/4 cup sugar, 3/4 teaspoon salt, 2 teaspoons baking powder, and 1 teaspoon baking soda.
Add the 1 cup cold butter cubes to the dry ingredients. Cut the butter in with your fingers or a pastry blender until the butter pieces are about pea-sized. If any pieces remain larger, flatten them with your fingers so the mixture resembles coarse crumbs.
In a separate bowl whisk together 1 cup heavy cream and 1 cup buttermilk. Whisk the dissolved yeast paste into this cream-buttermilk mixture until combined.
Pour the liquid mixture into the dry ingredients. Use a silicone spatula to gently mix until a shaggy dough forms, working only until the dry streaks are mostly incorporated. Use your fingers to press any remaining larger pieces of butter into the dough so it comes together evenly.
Turn the dough onto a lightly floured surface. Pat or roll it into a rectangle about 1 inch thick.
Fold the rectangle in half, rotate it 90°, then repeat the fold-and-rotate two more times (three folds total). Do not overwork the dough.
Pat the dough to about 1 inch thick again, then cut out biscuits using a 2-inch biscuit cutter. Press the cutter straight down and lift straight up; do not twist. Gather scraps, gently pat once, and cut additional biscuits as needed.
Arrange the biscuits upright and touching in a cast-iron skillet (use a second skillet if needed). Cover the skillet(s) loosely with plastic wrap and proof in a warm spot for 1 hour.
During the last 10–15 minutes of proofing, preheat the oven to 400°F. If you want to brush with melted butter, melt additional butter now.
If desired, brush the tops of the biscuits with melted butter just before baking. Bake at 400°F until the tops are golden brown, about 16–18 minutes.
Remove the skillet(s) from the oven and, if desired, brush the biscuits with more melted butter. Let cool in the skillet(s) for about 10 minutes, then transfer the biscuits to a cooling rack.