You totally can, efficiency is crap, but it's crap anyway with Peltiers. If you manage to successfully cool the Peltier itself, which is not trivial at all, then you no doubt manage to cool the linear regulator which can work with high temperature difference to the atmosphere, unlike the Peltier.
With PWM, you risk physically damaging the Peltier. Plus efficiency is crap at <100% duty. Approximately equally crap to the linear regulator solution.
Best option is adjustable DC/DC converter.