Preheat the oven to 350 degrees F (175 degrees C).
Spread peach slices evenly in the bottom of a 9x13-inch baking dish. Stir water and sugar together in a small bowl until dissolved; pour mixture over peaches. Sprinkle cinnamon over peaches, then cake mix. Top cake mix with pats of cream cheese, then butter.
Bake in the preheated oven until golden, about 45 minutes.