I'm not a huge fan of Peel Away, but I have used both Peel Away 7 (for hardwoods) and Peel Away 1 (for surfaces that will be repainted). Peel Away 1 is very strong, lye based, and does do the job although it is messy (lowest levels of paint liquify). It is caustic, so it is a full sleeve, hat, gloves, and goggles operation. It works well for woods like pine and fir in old bedrooms where no one ever intended these woods to be stained. However, it does darken the wood and is not good for wood you want to stain and seal, like my ash and oak woodwork in my foyer. I used Peel Away 7, and it was useless. It didn't remove the paint well (maybe 10% of it came off), and what did release turned into a greasy mess that worked its way into the grain. I had much more luck with a heat gun follwed by a conventional stripper like Dad's or Stripeeze. Recently I've been using citristrip for the clean up after the heat gun and while it does work slower, it is less harmful to people and pets.
Good luck, it is a thankless job that will always take longer than you expect.