I've worked in large teams for many years and yes it's just like that, but without the time constraint. PR's can only go back and forth so many times. Depending on the reviewer they may phone it in, or focus on different things depending on the person. You yourself aren't able to implement every piece of feedback due to constraints and it ends up as tech debt.

So AI definitely changes the game. I feel like we almost need something higher level for reviewers to review changes faster. Todays code is starting to feel like assembler. Too much of it, too low level. We need even higher level constructs to be able to more in less time. I'm just not sure what that is.