Are these pedals necessary for your Peloton bike? No, but they are convenient and add many more options for your riding game.
After purchasing cycling shoes that I really wanted to try with my Peloton bike, I noticed they only were SPD cleat compatible and the Peloton bike is Delta cleat compatible. Since this was an issue, I researched and came across the Venzo Compatible with Peloton 3-in-1 Indoor Bike Pedals on Amazon.
What makes these pedals different from the ones already on the Peloton bike is that they have both SPD cleats on one side and Delta cleats on the other. Additionally, if a rider does not have cycling shoes, you are able to attach a cage (which also comes in the box) to the pedals so you can ride without any issues. I decided to upgrade my Peloton bike and purchase these pedals so I have more options when choosing cycling shoes.