Preheat the oven to 375°F (190°C) and grease an 8×8-inch baking dish.

In a bowl, mix melted butter, ⅓ cup sugar, 1 teaspoon vanilla, and milk until smooth. In a separate bowl, whisk together flour, baking powder, and salt. Fold dry ingredients into wet mixture.

Spread mixture into the baking dish and bake for 25–30 minutes until golden. Cool completely and crumble into bite-sized pieces.

In a saucepan over medium heat, combine diced peaches, ¼ cup sugar, and 1 teaspoon vanilla. Cook for 8–10 minutes until peaches are soft and syrupy. Let cool completely.

Whip the cold heavy cream until stiff peaks form. In a separate bowl, combine sweetened condensed milk with 1 teaspoon vanilla. Gently fold whipped cream into the condensed milk mixture.

In a loaf pan or freezer-safe container, spread half the ice cream base, top with half the peach compote and half the cobbler crumbs. Repeat layers, then swirl gently with a knife.

Cover and freeze for at least 6 hours or overnight. Let sit at room temperature for 3–5 minutes before scooping.