Peach Dutch Baby Pancake with Cherry Compote

Ingredients

• 1/4 cup honey
• 2 strips lemon peel 3"
• 1 tablespoon fresh lemon juice
• 2 cups fresh or frozen thawed) cherries (about 1 lb.), stemmed, pitted, halved
• Pancake
• 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