Really looks like you are growing a rootstock and not the variety you bought, that was grafted onto whatever the roots are.

It's beyond help. Buy a new tree.

I'm not an expert on peach trees. I have two that I've had for about 2 - 3 years. Tough to grow in S Florida. I do think that those branches growing up from the bottom of the trunk are to be cut off. I think it's possible that you may see new growth, but it may not ever grow into a properly shaped tree.(should look like a Y but with 4 -5 extending branches from the "V", so yes, I concur with rayrose and suggest getting a new tree.

If you get another tree plant it with at least 3' of mulched, grass free area around it.

Before digging it out I would try to use Azomite on it.... I read about a person who revived some fruit trees (don't remember which ones) and another person saved his crape myrtle trees that were half dead.... so I tried this on a grapefruit tree that had SEVERE damage from borers... and the tree made it..... so I personally would try to same it.... to me I would want to at least try because I would do it for the sentiments.

But that is me....

Current crop of shoots all leads back to a single stem that is coming out of the ground, next to the original, quite dead looking top.

I grew up in SC, the second largest peach producing state in the country, behind CA. This is what I would do.

It looks a lot like borer damage or cold damage. Scrape the bark a little from the graft up to about 2 ft. up from the graft. If it's green that far up, cut off tree at 2 feet and remove the bottom shoot. Yes, that's drastic, but I had to do it to an orange that wasn't producing once, and it worked. If it's not green at the bottom where your graft is up about 6 inches, your graft is dead. You can take a chance on getting peaches from the rootstock, but it's not likely, so I would just replace it.

If the trunk has green or you decide to try to grow out the rootstock shoot, remove all the grass and weeds for about a 2 foot radius around the tree, but don't mulch it. Just keep it weeded. Too much mulch can actually kill the graft and therefore, the tree.

Fertilize it "weakly weekly." Use 1 tsp. of all-purpose liquid fertilizer per gallon, and pour it around the tree out to that 2 foot line. OR you can use some general timed-release pellets, like Osmocote 18-6-12. You're trying to grow leaves, not fruit, so you need more nitrogen.

Good luck. Let us know how it goes.

I scrape off a little bit of bark from the dead looking area & check if it's green underneath. If it is, it might still be OK with some TLC, but honestly, if it's been compromised, it might never be completely healthy and thrive.

Be prepared to replace.

Update: while checking if there was any green left inside and the whole thing snapped a few inches above the new growth. No green, but I cut it at a 45* angle and will hope for growth until we can afford a new tree.

Good luck with the shoot! It will be interesting to see if it ever produces. ETA: I just looked up peach rootstocks and it seems that Flordaguard is the one most likely used down here, so it may just produce.

https://edis.ifas.ufl.edu/hs366