In a medium saucepan over medium heat, combine sliced peaches, brown sugar, cinnamon, and nutmeg. Stir for 5–7 minutes until peaches soften, then remove from heat and cool.

In a large mixing bowl, beat cream cheese with powdered sugar and vanilla until smooth. Whip cold heavy cream to stiff peaks and fold into cream cheese mixture.

Fill each waffle cone about three-quarters full with cheesecake filling, layer the peach topping on top, then add more cheesecake filling and sliced peaches.

Sprinkle crushed graham crackers over the tops of the cones for added crunch. Serve immediately or chill briefly before serving.