In general terms a peer is a partner in some communication.
person of the same rank or standing
Okay, so the preshared key is peer-level (endpoint) only. Nothing missing here then as it can be configured on both sides.
"Local" should be renamed to "Interface""Endpoints" should be renamed to "Peer"
Naming consistency"Local" should be renamed to "Interface""Endpoints" should be renamed to "Peer"