"We have a time every morning when the team gets together and reviews all of the code and designs that were developed the previous day."

That seems much better than the mandatory code reviews that are pervasive nowadays. Most of my annoyance with those is the mandatory part - I think it increases the threshold to make small improvements sufficiently that they either don't happen, or happen together with unrelated changes, which is then a reason for the resident purist to scold you. I also think doing them asynchronously, as a form of email, rather than in-person or video introduces friction unnecessarily.