I can see how that equation balances in favour of no code review when it's in the context of a startup that is probably still figuring out how to make money, especially with a subscription based app launcher. As far as prototyping and early stage iterations go, you're probably just seeing what works and reviewing the code isn't so important at that point. There would still be one or two things you'd ask someone to check, e.g. security related stuff.
I think you make a good point though: what makes an effective code review process? I don't think there's a single answer to that because it depends on the circumstances.
I would at least say that it goes better if it's treated as a priority and issues are raised and dealt with promptly, rather than leaving it as a chore you eventually get around to. And you would have to see value in it beyond it being a sanity check, as others in this thread have described (knowledge transfer, for example).
One downside of code review is reduced velocity. There are teams out there who use code review so effectively that they never ship big fuck-ups to production. They never have to tell clients that they have bad practices. Instead, they struggle to get clients because they pay much more per line of code shipped and therefore don't deliver as good of a value as their competitors.
This where the argument needs to be: whether and how to have code reviews be a net positive.