A peer review can identify a
very large class of problems with research without actually replicating the experiment.
For example, problems with methodology and sampling, overlooked prior research, bad analysis of results, straight-up non-sequiturs and conclusions drawn from insufficient data.
All of these mean peer review is valuable without reproducing results.
For an extreme example: if somebody publishes a "Cheese found on moon" paper, do you expect the reviewer to mount an expedition to the moon to check?