In a medium sized pot, heat peaches, brown sugar, and cinnamon together over med-low heat. Whisk cornstarch and water together, creating a slurry, and add it to the peaches. Stirring occasionally, cook peaches for 8-10 minutes, or until peaches are tender and the liquid has thickened. Remove from heat and allow to cool slightly.
Mix graham cracker crumbs and melted butter together and press the crust into a 9” or 10” pie plate. Set aside.
In a bowl, whisk instant pudding mix and milk together until it has thickened. Add in cream cheese and mix (with a rubber spatula or mixer) until well combined. Set aside.
With a standing mixer or hand mixer, whisk heavy whipping cream until soft peaks form. Add in vanilla extract and powdered sugar, and continue to whip until it has reached your desired consistency.
Fold half of the whipped cream into the pudding mixture. Reserve the rest for the topping.
Spoon the peach filling into the bottom of the graham cracker crust, spreading evenly.
Spread the cream filling over the top of the peaches, and then spread the remaining whipped cream over the top. Place fresh peach slices on top, if desired.
Refrigerate until ready to serve (for best results, the pie should be refrigerated for at least 2-3 hours).
Enjoy!