Preheat your oven to 350°F (175°C) and grease your baking pan with butter or line it with parchment paper.

In a bowl, whisk together flour, granulated sugar, light brown sugar, and cinnamon for the streusel topping. Mix in melted butter until it resembles coarse crumbs.

Cream softened butter and cream cheese until smooth. Add granulated sugar, eggs, and sour cream, mixing until combined.

Gradually add flour, baking powder, and baking soda to the creamed mixture until fully combined.

Pour half of the batter into the prepared pan, sprinkle half of the streusel topping, and add a layer of sliced peaches.

Spoon the remaining batter over peaches and dollop with cream cheese filling, finishing with the rest of the streusel mixture.

Bake for approximately 70 minutes, checking for doneness with a toothpick.

Cool in the pan for 15 minutes, then glaze with powdered sugar mixed with milk if desired before serving.