Heat the oven to 350ºF. Put the butter in a 9-inch pie pan or shallow 2-quart baking dish. Put the pan in the oven until the butter melts, about 5 minutes.
Meanwhile, in a medium bowl, whisk together the flour, ¼ cup of the sugar, the baking powder, salt, and cinnamon. In a cup, whisk together the buttermilk and almond extract. Pour the mixture into the dry ingredients, and whisk just until moistened, leaving a few lumps.
Add the batter to the pan with the melted butter and stir to combine. Scatter the peaches and cherries on top and sprinkle with the remaining sugar.
Bake until the cobbler is browned around the edges and a toothpick inserted in its center comes out clean, 40 to 45 minutes.
Tip: Save time by using frozen peaches and cherries.