Do performance reviews work better than just constructive feedback in 1:1s though?

Reviews seem to be a pathway for the company to get rid of people rather than to help them grow. As a growth pathway, it is very ineffective. Other efforts work better imo - mentoring, 1:1s, 360 degree feedback, learning budgets, workshops, introducing a culture more appreciative of learning, and so on. They can cost less in total work hours spent than performance review weeks too.