01 - Combine peaches, granulated sugar, lemon juice, and cinnamon in a medium saucepan. Cook over medium heat, stirring occasionally, for 4-5 minutes until peaches soften and release juices.
02 - Whisk cornstarch and water in a small bowl until smooth. Stir slurry into peach mixture and cook 1-2 minutes until thickened. Remove from heat and cool completely.
03 - Beat cream cheese, powdered sugar, and vanilla extract in a large bowl until smooth and creamy.
04 - Whip cold heavy cream in a separate bowl until stiff peaks form. Gently fold whipped cream into cream cheese mixture until fully incorporated and fluffy.
05 - Combine graham cracker crumbs with melted butter in a small bowl. Stir until mixture resembles wet sand texture.
06 - Spoon cheesecake filling into each waffle cone, followed by a layer of cooled peach cobbler filling. Repeat layering if space permits.
07 - Top cones with graham cracker crumble and whipped cream. Serve immediately for optimal crunch or refrigerate up to 1 hour before serving.