Sure, if there enough strength in peony and weather is good - it could stop growing if it is new planted one or it is too dry though. I got rid of mine in the first year after planting, but yours is in 3rd season... IMHO If the bush is strong you can do both, if it is not established - better to get rid of them.
There are plenty threads about how better to stake peonies on this forum, one is simply use a a thinner rope around the bush. Now then yours is almost fully grown you have limited options.
