I'm not sure that would work that well, unless the Iris had shorter, robust stalks.. and even then, a little rain would make a nice, fluffy peony go heading for the ground, and possibly take out the iris stalk as well.. Maybe it would work with single, or semi-double peonies..?? That said, Iris and Peonies look beautiful together. Try it, and report back to us
I use metal grids with legs to keep my floppy perennials and bulbs upright.... This is one of the large supports I use..