Yes it is too exposed. You need to add some soil over it until it can be dug up this fall and replanted. Let me make a guess this used to be a raised bed with lots of material that composted leaving the roots exposed.

It's not planted in a raised bed. I took your advice and covered it up. Is there any reason in particular that I should replant it in the fall? I'm new to peonies, therefore any advice is appreciate. Thanks!

Any thing that you may have placed on top of it may be washed away from rains. By replanting it you can place at a better depth so that the roots will grow sideways which can help develop more top buds so more flowers.

Peonies go dormant in the fall but should be waking up now, especially in your zone 7B. Once they start waking they start putting out capillary roots--tiny white ones from the larger storage roots that you planted. If you dig now you'll lose that new root growth. If you decide to replant now try to take a large amount of soil around the root and keep it as intact as possible to (hopefully) keep that new root growth. In your zone you don't have to have the eyes a full 2" below soil, probably 1/2 to 1" would be better. IF you can cover them with enough soil AND keep it in place it would probably be much easier and safer just to mound over the existing spot. If your root is somewhere the additional soil won't stay in place I think maifleur is correct, replanting it would be the best thing.