Used a peep rear sight on my air rifles, lost the screw-in disc with the small diopter hole in it -- but the larger threaded hole left behind proved very useful including in low light. Like @ebf said, your eye centres automatically in the bigger circle, so it does not translate into much poorer accuracy than with a needle-size dioptre hole. The larger hole also aided quicker sighting.
If you are over 40, things are not totally cool with open notch rear sights unless you have a really long old battle rifle, so go for the rear peep hole sight. Or the humble red dot, but that is another thread.
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