Welcome to the Microsoft Q&A Platform. Thank you for reaching out & I hope you are doing well.
I understand that you would like to know if you can peer Two VNETs that are connected to a vHUB in a VWAN.
Technically, yes, this is doable.
The platform will allow you to do this.
However, I would suggest you to remove the "Virtual Network Connection" from the vWAN and just have the peering.
Once your activity is complete, you can remove the peering and leverage the vWAN for Transit connectivity.
Let me know if you require further information on this
Cheers,
Kapil