As I'm sure you realize that limb was very near failure when fully loaded with peaches. If it still has fruit support the branch or remove most of the fruit. Next year leave way less fruit.

I'd probably wrap the branch after the fruit is off but it probably won't really help. The branch will need support or extra thinning for several yrs.

Thin the whole tree more or you risk this elsewhere. All peach set way too many fruit in good yrs. We all battle thinning. You just need to thin and thin again. It takes me three passes to get enough off.

jeepguy, I was thinking all the same things as fruitnut. One additional thing I would do is to seal that bark crack for the very reasons you mentioned. There is a lot of dispute these days over whether or not to seal tree wounds. There are commercially available tree wound sealers available, but I've found a caulking gun with latex caulk works well. Take along a wet towel and use your finger to rub it in, filling voids and sealing entrance to fungus, insects etc. Use a gray or brown color to not be unsightly. When I spray, I spray insecticide/fungicide good on those areas and after it has dried I apply the caulking/sealant. The bark will heal underneath and push away the sealant as callous tissue is formed.

Like fruitnut said, the structural integrity is compromised on that limb, so baby it along for a few years and hopefully it will heal and knit up.