Earlier quoted context omitted.
Yes, because we know how the metaphorical sausage is made: with unpaid reviewers who have many other, more interesting things to do and often an axe to grind. That is, if they don’t delegate the review to one of their post-docs.
Post doc? In what kind of utopian field did you work? In my former institute virtually all papers were written by PhD candidates, and reviewed by PhD candidates. With the expected effect on quality (due to lack of experience and impostor-syndrome-induced "how can I propose to reject? They are likely better than me"). But the Prof-to-postdoc-to-PhD-ratio was particularly bad (1-2-15).
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.