Exactly. In archaeological digs, they have found perfectly preserved artifacts in dried peat layers. Also, peat "bricks" are used for fuel for winter fires to heat homes in some countries.
I found in my garden I simply cannot use small wood chips for mulch in my garden beds because they form a crust and do not allow water to penetrate down to the soil and anything I have planted would have died had I not notice that the plants were not looking good and investigated. I was shocked when I pulled the "mulch" away from my newly planted starts for my ground cover.
The plants had filled in the space I had left for the "crown and then were slowly dying because they were not getting enough moisture from my watering. The "mulch" had formed a solid crust and no moisture was reaching the soil. It was totally dry even after twenty minutes of overhead watering of that small bed.
Drip watering in a bed similarly mulching was totally unsuccessful, too. That's what gave me the idea to try peat as a weed barrier in this climate. No, I have NEVER read anything about this anywhere. It's just one of my crazy experiments ....