I predict that the revelation of a potential Season 2 implies that Peacemaker will survive The Suicide Squad, but Gunn is known for his narrative red herrings.
Gunn has consistently stated that The Suicide Squad will be very deadly and kill off most of the characters, so John Cena’s Peacemaker has a good chance of biting it.
Although the first season of Peacemaker is still filming and won’t release until next year, writer/director James Gunn is already thinking about future seasons of the show.
The Suicide Squad releases in August, Peacemaker is currently filming, Guardians of the Galaxy vol.