Mary Stella - Our farm is in zone 4B and I've often seen peeling bark on our tree peonies.
for us that has sometimes meant that particular branch might have winter damage.
However, in general, winter damaged branches have not affected the overall vigor of an otherwise healthy plants. The plant simply sends up more shoots from the root.
I also agree with Lynn that even "hopeless" looking branches sometimes leaf out.
Like the other comments suggest, give it some time. I suspect you'll be fine.
