Next-generation weak lensing (WL) surveys, such as by the Vera Rubin Observatory's LSST, the Roman Space Telescope, and the Euclid space mission, will supply vast amounts of data probing small, highly nonlinear scales. Extracting information from these scales requires higher-order statistics and the controlling of related systematics such as baryonic effects. To account for baryonic effects in cosmological analyses at reduced computational cost, semi-analytic baryonic correction models (BCMs) have been proposed. Here, we study the accuracy of BCMs for WL peak counts, a well studied, simple, and effective higher-order statistic. We compare WL peak counts generated from the full hydrodynamical simulation IllustrisTNG and a baryon-corrected version of the corresponding dark matter-only simulation IllustrisTNG-Dark. We apply galaxy shape noise expected at the depths reached by DES, KiDS, HSC, LSST, Roman, and Euclid. We find that peak counts in BCMs are (i) accurate at the percent level for peaks with S/N < 4, (ii) statistically indistinguishable from IllustrisTNG in most current and ongoing surveys, but (iii) insufficient for deep future surveys covering the largest solid angles, such as LSST and Euclid. We find that BCMs match individual peaks accurately, but underpredict the amplitude of the highest peaks. We conclude that existing BCMs are a viable substitute for full hydrodynamical simulations in cosmological parameter estimation from beyond-Gaussian statistics for ongoing and future surveys with modest solid angles. For the largest surveys, BCMs need to be refined to provide a more accurate match, especially to the highest peaks.