It entirely matters. It matters because as humans, we can only keep so much context in mind. That means that if you are looking at 100-200 lines at a time, you can think about the architecture. You can modify the code, whether it's fixing or refactoring. It means that it can only get too far off base.
It also means that sometimes, you say "this is bad code," refine the prompt, and run it again.
Yes, it means that you as a code reviewer is a bottleneck. It means that you are limited to the productivity gain that can exist. We are talking 10-15% productivity gains per person in mature code bases, not some magic replacement.
But if you're worried about reviewing code, maybe we shouldn't allow junior programmers to contribute to codebases either. After all, you might make a mistake in reviewing that.