In a medium saucepan over medium heat, combine sliced peaches, brown sugar, cinnamon, and nutmeg. Stir occasionally for 5–7 minutes until the peaches soften and the juices release. If you desire a thicker texture, mix in cornstarch and cook for an additional minute until bubbly. Once ready, remove from heat and allow the mixture to cool completely.

In a large mixing bowl, beat the softened cream cheese, powdered sugar, and vanilla extract using a hand mixer until the mixture is smooth and slightly fluffy. In another bowl, whip the heavy cream to stiff peaks, which should take about 3–5 minutes. Gently fold the whipped cream into the cream cheese mixture, ensuring a light and airy cheesecake filling.

Grab a piping bag and fill it with the cheesecake filling, squeezing it to remove air. Carefully fill each waffle cone about 3/4 full, then add a layer of the peach topping over the filling. Repeat by adding more cheesecake filling, allowing for a delightful layering effect. Finally, top each cone with a few more pieces of peaches.

Sprinkle a generous amount of crushed graham crackers over the top of each cone to add a satisfying crunch.

Serve the Peach Cobbler Cheesecake Cones immediately for the best crunchy texture. Chill in the refrigerator for just a few minutes before serving if preferred.