Preheat oven to 350 degrees F. Grease 2 9-inch round cake pans with nonstick spray, line the bottom with parchment rounds and spray the rounds. Spray the bottom and sides of a 9-inch springform pan with baking spray, line the bottom with a parchment round.
In a large bowl, whisk to combine flour, baking soda and salt; set aside.
In the bowl of a stand mixer fitted with the paddle attachment, cream butter and sugar together on medium speed until light and fluffy, about 3 minutes. Add eggs, once at a time, until completely combined. Reduce speed to low and stir in the flour mixture. Stir in the sour cream, vanilla extract and peaches until just combined.
Pour the cake batter into the two prepared pans and smooth to make even. Bake for 25-28 minutes until cakes are cooked through, then transfer to a wire rack to cool. Invert to remove cakes and peel off the parchment rounds.
Place biscuit dough on a parchment lined baking sheet and sprinkle 1 tablespoon sugar over the tops. Bake according to package directions until golden, about 13-16 minutes. Transfer to a wire rack and let cool.
Place the vanilla ice cream in a large mixing bowl and fold in 6 ounces Peach Preserves until well combined. Return to freezer until ready to use. Alternatively, use store bought peach ice cream.
To assemble the cake, place a layer of cake in the bottom of the prepared springform pan. Top with 10 ounces Peach Preserves and crumble over 3 biscuits. Spread ice cream over and smooth into an even layer. Top with another layer of 10 ounces peach preserves, then 3 crumbled biscuits, then another 10 ounces Peach Preserves. Cover with the second cake layer and freeze for at least 3 hours.
To make the buttercream icing, in the bowl of a stand mixer fitted with the paddle attachment, beat the butter on medium speed until fluffy. Reduce speed to low and slowly add the sugar. Beat until smooth then beat in the milk. Remove from mixer and fold in the orange food coloring to make the icing peach colored.
Working quickly so that the buttercream does not harden, frost the cake completely with the icing. Crumble over the remaining 2 biscuits, drizzle caramel sauce all over the cake and slice to serve.