In my experience most of the perf-review is a show.
Promos typically have a "pecking order", determined by how long you have been asking for one (or performing at the next level if you have some meritocracy), the amount of budget available for promos this time, your age (easier to promote "mature" people), D&I status, proximity of ethnicity to your managers biases (could be implicit, doesn't matter for the outcome), height (tall people promoted easier), introversion vs. extroversion, and just if your manager likes you.
Also they ask you to give vague, subjective snippets that will be weaponized against your colleagues in form of "feedback" for the next 6-18 months.
So it's better to not partake in this type of time wasting activity.