Don’t think so, or at least not entirely that. Possibly something going on with the roots.
My frost peach started looking unhappy on year 2 and almost died. I never did figure out exactly what the problem was, but I had neglected to fertilize it in addition to having very rocky soil with probably low CEC, and apparently peaches need a lot of food. I gave it plenty of fertilizer the following year and it survived, but is still struggling.
That discussion is here, starting on post 18, in case it’s of value: Red spots on peach tree leaves - #20 by pine