Are Peplink/Pepwave devices HIPAA compliant?
In what regard, exactly? HIPAA requires you to have policies and procedures in place to protect the confidentiality and privacy of PHI and PII. How you implement those procedures technically at the hardware level can vary from vendor to vendor and hardware to hardware, and the level of compliance depends on which parts of the thousands upon thousands of regulations your business or organization personally must comply with.
I would like to setup a point to point vpn using Peplink’s proprietary VPN. Is this or can this be made HIPAA compliant?
Yes it is and can - looks like you just need to follow good security practices and install a syslog server. https://www.securitymetrics.com/blog/understanding-hipaa-application-firewalls