If you are concerned about flash point, make sure it is clarified butter (Ghee). Normal butter still has a decent amount of milk that will easily burn at lower temperatures.
What are you cooking? I mean, are we talking pan frying or deep frying?
My understanding is that peanut oil is very pro inflammatory and a bad idea to use at high heat. Butter, animal fats and coconut oil are my go to oils. But I don't deep fry.
Both involve high temperatures, so they would call for similar kinds of fats or oils. Peanut oil stands up well to high temperatures and does well in both situations. Peanut oil isn't pro-inflammatory; in fact, due to its higher saturated fat content and lower unsaturated fat content it's more like coconut oil and animal fats in that regard.
Why not refined olive oil? As I understand it olive oil is almost entirely monounsaturated which is supposed to be the "good" fat, and when refined it has minimal flavor and a higher smoke point.