Yes, that looks like peach leaf curl. It is a fungus that overwinters as spores on the bud scales. It can be managed with fungicide applications in the fall after the leaves drop and/or spring at bud swell. This year we are seeing a lot of it, which I think is related to weather conditions last fall and this spring being conducive to propagation of the fungus. Now that it is in the leaves, there is nothing that can be done. The trees will not die and the leaves that remain will continue to perform photosynthesis. Giving them a little extra water during dry periods this summer will help the trees by relieving stress. 

A fungicide with one of the following active ingredients: copper hydroxide, copper sulfate pentahydrate, copper octanoate (copper salt of fatty acid), or chlorothalonil will be effective against peach leaf curl as long as the application rate and timing are correct. The product label will guide you in the selection of application equipment and personal protective equipment. Be sure to follow the label instructions in order to ensure your safety, the safety of others (including wildlife), and the product's effectiveness.