In a medium saucepan, combine peeled and sliced fresh peaches with granulated sugar over medium heat. Cook for about 8-10 minutes, stirring occasionally, until bubbly and peaches are soft. Remove from heat and let cool.

In a large mixing bowl, beat the cream cheese and granulated sugar using an electric mixer until smooth, about 3-4 minutes. Add eggs one at a time and mix in the vanilla extract until fully incorporated.

Preheat oven to 350°F (175°C). In another bowl, cream together the softened butter and granulated sugar until fluffy, about 5 minutes. Add eggs one by one, then mix in flour and baking powder until just combined.

Grease a 9x13-inch baking dish and pour the cheesecake mixture into the bottom. Spoon the peach filling over the cheesecake layer and dollop the cake batter over the peaches, smoothing it out.

Bake the assembled cake in the preheated oven for 45-50 minutes. Check for doneness with a toothpick; it should come out clean or with a few crumbs.

Once baked, allow the cake to cool in the pan for at least 30 minutes. Refrigerate for 2-3 hours or overnight before serving. Slice and garnish with whipped cream and cinnamon.