This appears to be a infection called Peach Leaf Curl or a similar disease caused by a closely-related fungus. While a few Eriophyid mite species also cause "velvet" leaf galls in this color, though not often in contorted shapes like this. Cherries are related to peaches and can contract the same pests and diseases.

All you can do for now is trim off the damaged leaves if they are an eyesore; otherwise, the infected foliage may shed soon and can then be raked-up and disposed of. Disease prevention measures begin in autumn, as described on this page (see entry #5): https://extension.umd.edu/resource/peach-and-cherry-diseases

These Penn State and Ohio State pages also provide more info.:
https://extension.psu.edu/peach-disease-peach-leaf-curl

https://extension.psu.edu/disease-of-the-month-peach-leaf-curl

https://bygl.osu.edu/node/754 (all ornamental peaches and cherries are in the same genus, Prunus)

Accounts vary on whether or not untreated leaf curl disease will kill or severely weaken a tree; some sources say yes, while others day it won't. It's probably more damaging on fruiting cherries than on ornamental (decorative flowering) cherries, since the fruiting types expend a lot more energy on ripening fruit. The more infected leaves a tree has to replace, the more taxed it will be. Fortunately, from what we can see in the photos, your tree doesn't look heavily infected.

Miri