Add peaches to a 9x13 inch baking dish and mix in the sugar, vanilla extract, almond extract and cornstarch. Spread peaches out in a single layer.
Bake the peaches for 10 minutes on center rack.
While peaches are pre baking, make the biscuits. Put the flour, baking powder, salt, and sugar in a food processor and pulse it for long enough to mix the ingredients. Add the butter and pulse until the largest pieces of butter are smaller than grains of rice. Pour in the cream and pulse just until the dough gathers in clumps. Turn the dough out onto a piece of parchment paper and divide it into 12 equal pieces. Lightly form each piece into a shaggy disk the size of a sausage patty, about 2 ½ inches in diameter.
Arrange the biscuits on top of the hot peaches, brush with egg wash and sprinkle them with raw sugar. Put the dish back in the oven and bake another 20-25 minutes until the biscuits are a golden brown.
Serve the cobbler warm with vanilla ice cream, sweetened crème fraîche or fresh whipped cream.