Yeah, sadly, peroxide has a nasty habit of killing the shit out of exposed flesh too. I was explicitly warned not to use it when I got my ears pierced, as you wind up with a layer of white dead skin your body has to get rid of in addition to all the usual scab-forming it does. Dead skin that’s not a scab is just permeable and easily harbours all kinds of shit.
What I find peroxide great for is its ability to temporarily clot blood for really small nicks and scrapes. Sadly, this isn’t effective on a large scale, it’s mostly handy when you’re shaving. Sanitizing equipment for later use (bandaids gotta be clean first, right?), also hell yes.