In a large bowl, beat the softened cream cheese with a hand mixer until smooth and creamy.

Add the powdered sugar and vanilla extract, then mix again until fully combined.

Fold in the whipped topping until the mixture is light and fluffy, then spread it into the bottom of a serving dish.

In a separate bowl, stir together the peach pie filling and cinnamon. If the peach slices are especially large, chop them into smaller pieces so the dip is easier to scoop.

Spoon the peach mixture evenly over the cheesecake layer.

In a small bowl, mix together the melted butter and graham cracker crumbs, then sprinkle the mixture all over the top for that peach cobbler-style finish.

Cover and refrigerate for about 30 minutes so the dip can chill and set slightly before serving.

Serve cold with graham crackers, vanilla wafers, cookies, or fresh fruit for dipping.