Combine peaches, yogurt, sugar and lemon juice in a blender. Blend until smooth.

In a separate large bowl, mix heavy whipping cream until stiff peaks form. Fold in peach mixture until combined.

Transfer mixture into an ice cream container and freeze overnight or until set. Place 2 scoops of peach ice cream into serving glasses. Add soda. Decorate with peach slices and maraschino cherries. Serve.