The crux of my question is if it is justifiable to treat each peak as a distribution and then to analyse these peaks with methods like the KS test.
NO
Your curves might, at first, look like densities, but they are not densities. If nothing else, they dip below zero. Further, the KS test statistic is calculated from the maximum distance between cumulative distribution functions, not a distance between densities. If you tried to convert your curves to cumulative distribution functions by integrating, same as how densities are converted into cumulative distribution functions, you would find that, because your curves dip below zero, the integrals would have decreasing sections, which the cumulative distribution functions considered by the KS test never have.
If you want to shoehorn the maximum distance between the two integrals into the KS calculations, you run into the issue of the sample size. When you do this for two curves, you have one observation from each group. Small sample sizes lead to low power. If you make many observations of the different curves in order to boost the sample size, then it is totally unclear what distance you consider to calculate the KS test statistic.
Overall, the KS test is totally inappropriate for this situation.
From the comments, it appears that you want to compare curves that you measure multiple times with each measurement corrupted by some noise. This is a situation where functional-data-analysis (FDA) could be useful. Philosophically, FDA treats entire curves as individual observations. You then can compare two groups of curves, much as you would compare two groups of individual observations in a t-test.
As FDA is a complicated topic, I will leave any further discussion to an answer to a question specifically about using FDA for this curve analysis.