In a medium bowl, stir together the graham cracker crumbs and granulated sugar until evenly combined. Pour in the melted butter and stir with a fork until the mixture looks like wet sand and holds together when pressed.
Transfer the mixture to the 9-inch tart pan and press it firmly into the bottom and up the sides using the bottom of a measuring cup. Place the crust in the freezer for 15 to 20 minutes to firm up.
Add the softened cream cheese and powdered sugar to a large mixing bowl. Beat with a hand mixer on medium speed for about 2 minutes until smooth. Add the vanilla extract and lemon zest and beat again for 30 seconds.
Scrape down the sides of the bowl with a rubber spatula. In a separate cold bowl, whip the heavy cream until soft peaks form, about 2 to 3 minutes.
Add about a third of the whipped cream to the cream cheese mixture and stir to loosen. Gently fold in the remaining whipped cream using a rubber spatula, using a scoop-and-fold motion to keep the mixture light.
Remove the chilled crust from the freezer. Spoon the filling into the crust and spread it into an even layer. Cover loosely with plastic wrap and refrigerate for at least 3 hours, or until firm.
Slice the peaches thinly, about ⅛ inch thick, leaving the skin on. Toss the peach slices gently in the lemon juice in a bowl to prevent browning.
Combine the peach preserves and water in a small saucepan or microwave-safe bowl. Heat gently until the preserves loosen into a pourable glaze. Let the glaze cool for 5 minutes.
Remove the tart from the refrigerator. Starting from the outer edge, arrange the peach slices in overlapping concentric circles, working your way toward the center. Brush the warm glaze evenly over the peaches.
Return the assembled tart to the refrigerator for at least 20 minutes to let the glaze set. Remove the outer ring of the tart pan, slice with a sharp knife, and serve chilled.