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PREHEAT oven to 350°F. Remove 2 Tbsp. of the flour; set aside. Toss peach slices with strawberries, 3/4 cup sugar and remaining flour in large bowl. Place in ungreased 9-inch square baking dish.
MIX reserved 2 Tbsp. flour and the 2 Tbsp. sugar in separate large bowl. Cut in butter until mixture resembles coarse crumbs. Add cereal; stir until well blended. Sprinkle over fruit mixture.
BAKE 25 min. or until topping is lightly browned. Serve topped with whipped topping.