OK, let's put your moral relativism in overdrive.
Same amount of clothing, dancing and touching involved.
Is this a "peep show"?
Looks like some form of Ballet to me. It may or may not be a peep show. Can't tell from the pic.
When King David danced naked before all Israel, was that a peep show. No. Why? Because of the context.
But you don't understand that either do you? You want everything in a nice neat package that you can all black or white. If it's legal it must be moral. If it's not illegal it's entirely appropriate for everyone to do.