Peach Dutch Baby Pancake With Cherry Compote

Name: Peach Dutch Baby Pancake With Cherry Compote
Ingredients: 1/4 cup honey; 2 3 strips lemon peel; 1 tablespoon fresh lemon juice; 2 cups cups fresh (or frozen, thawed) cherries (about 1 lb.), stemmed, pitted, halved; 4 tablespoons (1/2 stick) unsalted butter, divided; 4 large eggs; 3/4 cup all-purpose flour; 3/4 cup whole milk; 3 tablespoons sugar, divided; 1 teaspoon vanilla extract; 1/4 teaspoon kosher salt; 2 peaches, halved, pitted, cut into 1/4-thick wedges; Powdered sugar (for dusting)