In a large bowl, combine the pretzels, granulated sugar, and butter. Evenly press the mixture into an ungreased 13×9″ baking dish. Bake at 350°F for 10 minutes, then let cool for 10 minutes.
Meanwhile, in a separate large bowl, beat together the cream cheese, confectioners’ sugar, and peanut butter until smooth. Fold in half of the whipped topping until well-combined, and gently spread it over the pretzel crust.
In a large bowl, combine the cold milk and pudding mixes, and whisk until no large clumps remain, about 3 minutes. Let sit for 5 minutes to thicken. Gently spread the pudding over the peanut butter layer. Top the pudding layer with the remaining whipped topping.
Press whole pretzels into the top of the whipped topping. Microwave a few tablespoons of additional peanut butter and drizzle over top. Sprinkle with chocolate chips and peanuts, then cover and refrigerate for at least 4 hours before serving.