In my experience, scientists ate comfortably cynical about peer review- even those that serve as reviewers and editors- except maybe junior scientists that haven’t gotten burned yet.
One simple example, (from memory) the Bard paper doesn't include results for experiments in which GPT-4 outperforms it. As a result, people come away from these works with an inflated understanding of their capabilities. This wouldn't pass peer review.
The point I make is that peer review can not be guaranteed to 'fix' science in any way we might like. The Sokal Affair [1] has now been replicated repeatedly, including in peer reviewed journals. The most recent one even got quite cheeky and published it under the names "Sage Owens, Kal Avers-Lynde III" - Sokal III. [2] It always preys on the same weakness - bias confirmation.
[1] - https://en.wikipedia.org/wiki/Sokal_affair
[2] - https://www.nationalreview.com/news/academic-journal-publish...
Funny enough, I see exactly the opposite. I've seen this in both reviews I've done and reviews I've received. Just this week I reviewed and saw one of my fellow reviewers write in their justifications: I am not familiar with X, but I am skeptical that the method can scale to a more complex application. Their weaknesses section was extremely generic and it was very clear they didn't understand the work. They gave a weak reject. In fact, when I first started reviewing, I was explicitly told to _only_ accept if I was confident that the work was good. So in my experience, the bias goes the other way that you are proposing.
Btw, I've even seen undergrads acting as reviewers. I was asked to review in in my first year of grad school. I don't think I was qualified then, but I was always a junior reviewer rather than a full so idk.
Initially we spent probably a few hours on a paper for peer review because we were relatively unfamiliar with the field but eventually I spent maybe a couple of hours doing the review. Wouldn't say peer review is a joke but it's definitely overrated by the public.
It's kinda funny. A journal doesn't make the product it sells (the papers that it copywrites). It doesn't pay for the service it performs ("vetting" and editing). And both of these would be done regardless of their existence. I can understand distribution, but that hasn't been useful for over a decade now. What even do these things do anymore?
(btw, I've seen profs delegate to undergrads. And it is quite common for post-docs AND grad students to be reviewers. Trust me, I am one)
Networking, mostly, in the sense that an article in a high impact journal has a higher probability to be integrated in citations networks. The fact that there is some gate keeping means that it’s valuable to be in rather than out, and that’s something you can use to get a position. Also, better journals (which are not necessarily the highest-impact ones) tend to have more thorough peer review (such as 3 reviewers by default instead of 1 or 2, editors who are not afraid to ask for more reviews if the 3 are not conclusive, etc).
> (btw, I've seen profs delegate to undergrads. And it is quite common for post-docs AND grad students to be reviewers. Trust me, I am one)
I am lucky not to have been in that situation when I was a student, and I did not delegate any further when I got the occasional review from the prof when I was a post-doc. But I am unfortunately not surprised.