That all depends.... what does a real-life code review look like?
I have been through many of them, and they are all different.
Trying to relate this site to a dynamic, fluid, poorly standardized process, is not a realistic endeavour, and the results of such an analysis would do little to impact the 'gap' of a newcomer's expectations. To be fair, no newcomer will know what a real-life code review is, and experienced people will know to expect something different each time.
As a consequence, since it is hard to assess what efforts would be required, it is similarly hard to decide whether the efforts are sufficient.
If your concern is about the name 'Code Review', well, it is clear that what happens here is nothing like what happens in a 'real' code review (for a start, in a real code review you have real people in a real room, with a real salary, and a real deadline, etc.).
In essence, Mu.