Hello! I would really appreciate some help identifying this peony that I just bought. It is labeled as a Cora Louise itoh peony but I'm thrown off by the very woody stem and what I think is a graft point. Thank you!!!!

Cora Louise is an itoh peony and it is not grafted. If it truly is grafted, its a tree peony, not a itoh peony.

My only thought is what you are seeing should be underground but I would consult with the nursery where I purchased it.

Itoh peony will grow woody stems too as they age.

Can you not contact the seller with your concerns? Itoh peonies are normally propagated via root divisions, not grafted, but if you bought from a reputable nursery, you should be able to get an explanation, and possibly a replacement if you got something other than 'Cora Louise'.