If the constant slant height and base radius are $s, r$ respectively and the variable angle which the slanting face makes with the vertical is $\theta$ then the height and top radius of the frustum are
$$h=s\cos\theta, R=r+s\sin\theta$$
The volume of the frustum is $$V=\frac13 \pi h (R^2+Rr+r^2)$$
Now $$\frac{dh}{d\theta}=-s\sin\theta, \frac{dR}{d\theta}=s\cos\theta$$
Volume is maximum when
$$\frac{dV}{d\theta}=\frac13 \pi [\frac{dh}{d\theta}(R^2+Rr+r^2)+h(2R\frac{dR}{d\theta}+r\frac{dR}{d\theta})=0$$
$$-s\sin\theta (R^2+Rr+r^2)+s\cos\theta(2Rs\cos\theta+rs\cos\theta)=0$$
$$-s\sin\theta (3r^2+3rs\sin\theta+s^2\sin^2\theta)+s^2(1-\sin^2\theta)(3r+2s\sin\theta)=0$$
$$- (3r^2\sin\theta+3rs\sin^2\theta+s^2\sin^3\theta)+(3rs+2s^2\sin\theta-3rs\sin^2\theta-2s^2\sin^3\theta)=0$$
$$3x+(2-3x^2)y-6xy^2-3y^3=0$$
where $x=r/s$ and $y=\sin\theta$.
In general the cubic equation will have to be solved numerically. In the special case $s=r$ so that $x=1$ we have $3-y-6y^2-3y^3=0$. The only real root is $y=\sin\theta\approx 0.56298, \cos\theta\approx 0.82647$. Then the maximum volume is $V\approx 4.33$ as found in the link. Whereas for the cylinder $V=\pi\approx 3.14$.