To begin, heat up the oven to a temperature of 350 degrees Fahrenheit (175 degrees Celsius). Ensure that you apply a thin layer of grease to both the sides and the bottom of a 10-inch deep-dish pie pan.
To prepare the crust, combine flour, pudding mix, baking powder, and salt in a bowl. Incorporate milk, butter, and egg into the mixture and beat with an electric mixer for a duration of 2 minutes. Next, pour the resulting mixture into the pie pan that has been prepared beforehand.
Prepare the filling by draining the peaches and saving 3 tablespoons of the syrup. In a small bowl, combine 1 tablespoon of sugar with cinnamon.
In a separate small bowl, whisk the cream cheese until it becomes fluffy. Then, add half a cup of sugar and the syrup that was set aside, and continue beating for a duration of 2 minutes.
Spread the sliced peaches evenly on top of the crust mixture. Next, gently spread the cream cheese mixture over the peaches, making sure to leave a one-inch gap from the edge of the pan. Finally, sprinkle a generous amount of cinnamon sugar on top for added flavor.
Cook in the oven preheated until it turns a golden brown color, which usually takes around 30 to 35 minutes. Afterward, allow it to cool for about 20 minutes, and then refrigerate it for at least 2 hours before serving.