Indeed it is a fantasy world and inspired by Schulz's own childhood, which must have taken place in a rather secure atmosphere in which kids were left alone a lot, played outside on their own (don't say risky things couldn't happen in those days BTW but parents were much more casual about their offspring).
Also, this is a universe about children's point of view, and children frequently create and organize their own little world around their friends, games, fantasies, holidays, classes and so on. I know I have. Adults surround them but sometimes they're just supporting characters, specially if they're working (still, Charlie's mother is at home and we don't see much of her. Probably busy keeping the house in order !)
And finally, the fact some of the characters become elder brothers or sisters (like Charlie and Lucy) give them a sense of responsability towards the youngest ones, that make the grown-ups parts even less essential. Peppermint Patty, though she's not related to her, is also a sort of sisterly figure to Marcie. I remember in the early phases of the script, when there were no older and younger children and all of them were just toddlers, adults were much more present (some even talked !)
" You ain't running this place, Bert, WILLIAMS is!" Sgt Harris
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