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Preheat the oven to 375 degrees F (190 degrees C). Combine water, 1/4 cup butter, sugar, lemon juice, and salt in a large pot over medium heat. Stir and cook until butter is melted and sugar is dissolved, 5 to 10 minutes. Remove from heat and stir in cream cheese frosting from cinnamon roll package. Add peach slices to the pot and stir until coated. Place remaining butter in the bottom of a 2-quart baking dish and put in the preheated oven until butter melts, about 3 minutes. Remove from oven. Cut each of the refrigerated cinnamon rolls into 4 pieces. Place roll pieces into the baking dish and coat on all sides with melted butter. Remove pieces from the baking dish and set aside. Pour peach mixture into the baking dish and top with butter-coated roll pieces, pressing down slightly, until tops are even with the peaches. Bake in the preheated oven until cobbler is browned and bubbling, 45 minutes to 1 hour. Serve warm.