As an academic, I have not so secretly been enjoying the shit storm of revelations lately. Science got along fine for thousands of years without Journals and Conferences deciding what's "correct" and not. It's been a failed experiment. Journals started as a way to help distribute works to other researchers to improve upon the old method of just mailing it to one another. Arxiv is great for peer review. Your work is actually fucking available and not behind some pay wall, where your peers can... review it. Only thing would be better is if we were using OpenReview so we could track discussions, but I'll admit that could get messy real quick as anyone that's open sourced their research work will tell you (lots of questions like "I trained my model, how do I test it?" and "I'm getting a cuda out of memory error, how do I fix this?").
Arxiv/preprints are peer review