Cool find, and a note in history. Mostly peep sight were early day adaptions that went further in compound archery. They go completely against instinctive archery for multiple reasons with the biggest advantage in tradtional archery, getting an arrow off the bow, into meat on a fire, quick.
Im not going to argue precision, a peep sight can be very precise in a static situation, that stated any kid that shot a thousand stumps traditional growing up, thats who I would bet on making a real shot on live game.