I don’t have much experience of peer review (I’ve only ever submitted one article and peer reviewed two) but it felt a bit archaic at the time. From what I hear from others, they feel the same.
The interesting thing from my perspective is that the whole edifice of the university system is slowly crumbling. Academics know that the system is ridiculous.
This then is why I was so bothered about how Covid-19 research is reported: peer review is no guard, is no gold standard, has little role beyond gate-keeping. It is noisy, biased, fickle. So pointing out that some piece of research has not been peer reviewed is meaningless: peer review has played no role in deciding what research was meaningful in the deep history of science; and played little role in deciding what research was meaningful in the ongoing story of Covid-19. The mere fact that news stories were written about the research decided it was meaningful: because it needed to be done. Viral genomes needed sequencing; vaccines needed developing; epidemiological models needed simulating. The reporting of Covid-19 research has shown us just how badly peer review needs peer reviewing. But, hey, you’ll have to take my word for it because, sorry, this essay is (not yet peer reviewed).