Indeed “it misses deeper issues […] such as when the wrong change has been made“ which human review will catch.

What it will do, is notice inconsistencies like a savant who can actually keep 12 layers of abstraction in mind at once. Tiny logic gaps with outsized impact, a typing mistake that will lead to data corruption downstream, a one variable change that complete changes your error handling semantics in a particular case, etc. It has been incredibly useful in my experience, it just serves a different purpose than a peer review.