Poof
I haven’t really gotten to the point of studying many vs. 1 combat, but some of the flourishes from the Additional Manuscript (English) are built around the idea of contending with multiple opponents. I believe that the Germans do discuss 2v1, but as I said, it’s something that I haven’t gotten to yet.
However that being said, a fully-armored knight shouldn’t have any problems handling a couple peasants at once, even if he’s on foot. Bladed/edged weapons like swords and axes aren’t particularly useful because neither could cut plate armor, and the amount of accuracy required to thrust a sword into a gap in the plate is incredibly difficult to achieve if the knight is mobile (thus why harnischfechten — even beginning with halberds and polehammers, which are much better for armor penetration than even maces and axes — generally ends in wrestling your opponent to the ground and poking a rondel in his eye).
It’s also a matter of just how willing are those untrained peasants to press their numbers advantage? I can speak from experience from one of my fighting groups that an inexperienced and untrained mob is actually NOT likely to do so, and will either all attack from the same angle (thus letting their target keep the whole group in front of them, essentially turning a many vs. 1 into a series of 1 vs. 1s), or not even attack a much more experienced opponent at all. I’ve seen highly-experienced (and usually well-armored) fighters take down some pretty ridiculous odds due to combinations of equipment, knowing when and where to step, poor enemy tactics, and outright hesitation to engage. Whether that last point is due to inexperience on the part of the attackers, or intimidation on the part of the defender, isn’t so easy to determine, but the effect is still the same.