“Is it still early enough to prune now so the energy can go into the new lateral growth?”

Yes, at least for us out here in ‘Orygone’ In fact, just yesterday I pruned two large mature peach trees - already leafing out and blooming. I did have to dodge their young budded leaf tips and carefully snip just beyond where they emerged. I've learned that waiting to prune until after peaches have bloomed cuts down on the many infections they’re susceptible to.

Decide how ‘low’ you want your tree then cut those branches back to ‘down and outward’ facing newly leafed out ‘buds’ (just dodge the young leaves) You can also spread the limbs some to force them down… But not so much they split from the trunk! …it’s a tricky maneuver if you’re not familiar with them… Peach trees generally develop low lateral limbs with time, but I wouldn’t leave them anywhere near 12 feet high. That’s actually amazing growth for only two years old. If they’re that vigorous they’ll easily recover from anything you do.

So pruning them ‘now’ should be fine; they’ll still have plenty of energy to push new growth from their leafed out buds just behind the branches you snip, fanning out new fruit producing limbs.