Is the Tao considered to be peace or ultimate truth or both?

The Tao that can be said is not the Tao. The Tao just is.

It can not be considered or mentally labeled as anything.

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"Tao" is roughly synonymous with "The Absolute," the I AM," or "The Law," existing beyond Time, and Space, and Change. It ever has been, ever is, and ever shall be. Ever Unique; Unconditioned; Immutable; Self‑Existent; Self‑Sufficient; Independent; Abstract; It dwells Unknowable, Unthinkable, Ineffable.