Combine sugar and butter in a large bowl and beat with an electric mixer until creamy. Add eggs, 1 at a time, and beat well after each addition. Combine flour, baking powder, and salt in a separate bowl and sift on top of the butter mixture. Mix to combine. Transfer batter into prepared springform pan and smooth out.
Set peaches inside batter. Mix 2 tablespoons sugar and cinnamon in a small bowl. Sprinkle evenly with cinnamon sugar.
Bake in the preheated oven until a toothpick inserted into the center comes out clean, 40-50 minutes. Cool on a wire rack for 5 minutes. Run a table knife around the edges to loosen. Transfer cake carefully onto a serving plate or cooling rack. Let cool completely.