The spelling is peony and never paeony. Don't try to be fancy, you will impress only yourself.
An ancient Greek poem referred to the peony as the Queen of all herbs.
The ancient Chinese determined the tree peony to be the King of flowers. These "royal" designations indicate that the peony was highly regarded.
The peony is mentioned positively by writers throughout history from many countries.
Tree peonies have a pattern of leaves similar to the herbaceous peonies but they lose their leaves as deciduous trees loose their. The herbaceous peony's leaves simply hang on until it is time to cut back the plant.
The difference is that with the tree peony the petioles have an abscission layer that forms, separating the leaf from the stem (in simple terms), and the leaves simply fall when the season is right. (See abscission zone mentioned further along.)
"The Jade Peony" is a novel based upon the experiences of poor Chinese immigrants in Vancouver's China Town before WW II. If you read the story you will encounter a white cat with red eyes that tells grandma that her life is about over. She keeps a small carved peony of white and light-red jade in a red envelop in her pocket. These and the wind chimes the family makes from items found in trash cans in alleys have symbolic meanings. Read the story and see what they symbolize.
Ants are frequent visitors to the large buds but cause no harm in themselves. Ant powder can be used to disperse the ants. That is "ant" and not "aunt." We not wish to disperse them.