Coco drains better than peat but if you add enough Verm/perlite to the peat it’ll drain as good.
I’ve used a coco based bagged soil for 2 years and the plants grew great but the flavor was never that stellar, most strains had a hay flavor but it might have been the brand of soil and not the coco, however I’ve switched to an amended pro mix and the flavor has been better than when I was using the bagged coco soil.
Also both peat and coco are acidic so you might want to add some dolomite or calcium carbonate.