As you say, peasants are useful in sieges - it doesn't matter about their casualties when trying to take a section of wall with ladders or a siege tower. Just as long as enough survive to man the equipment

Also useful on rams and as you say sapping points - if saps collapse, then at least you haven't lost your backbone siege force.
However, you should use them to take the walls, once the siege equipment is in place. As long as you keep them well away from the defenders (totally avoid melee), you can have a unit or two of peasants run round the perimeter of the walls and take the remaining 3 gateways. This way, you can choose an entrance that suits you, and more importantly, the towers you have taken will fire
inwards upon your foes - less to butcher when you reach the town square
Look for unguarded sections of wall - you can always redeploy your siege equipment to confuse the AI. Take hold of 2 sections around where the enemy are positioned, and simply take the remaining perimeter.
Also, peasants are useful at
bogging down enemy shock weapons like elephants and chariots. Casualties may be high, but at least you can temporarily halt an enemy assault, and then launch your own counterattack.
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