I wanted to know if I have to use the water bath method to set your peach jam preserves or can I just invert them for 5 minutes and then leave them set for 24 hours?

No, no, no on inversion!!!! Inverting the jars is the absolute worst thing you can do because the liquid can seep into the seal and provide an entry point for bacteria to get in the jar. Even if the jar seals you may have a bit of jam in the seal and it can start to spoil and then spread the bacteria into the jar. You want to try your very best to keep jam off the inside of the lid. Just fill the jars, wipe the threads of the jar and rim nice and spiffy clean, put on the warm lids then do the boiling water process for 5 minutes. Your jars will get a good, sanitary seal. This is actually such a serious issue that I've had many, many entries disqualified from the fair because there was jam on the inside of the lid. I'm sure it just sloshed up there when I was packing and unpacking the jars to bring them to the fair, but nevertheless they were disqualified. So, keep those jars right side up and give them a good 5 minute boiling bath and they'll be safe and yummy.