Not doomed. Trim it up as well as possible. If the tree is otherwise healthy, it will grow back. It does sound like you either need to prune to shorten and strengthen the limbs or thin more.

It is a standard old-fashioned commercial grower technique to train scaffold branches vertical enough (in an open center) that you can tie a single rope around them and stop this kind of breakage. Most of us use crutches until we have peaches trained to a real strong structure even when fruit is adequately thinned.

I now train peach trees very often to a central leader (lots of summer pruning to keep upper branches short) so I can tie lower branches upward with string attached high up on the leader. Not just so they don't break but to keep them above the deer.

This shape also works well for making a tree with 4' of trunk before first branches so coon and squirrel control can be applied to trunk.