Well yes, but the review power (both nominally and in practice) does lie with the publication/venue editor[ial team], it's just that they have decided to delegate almost all that power to rotating teams of volunteers, because they can, and because they want to for obvious practical and financial reasons.
A system with an "editorial teaming willing to delegate when necessary" simply becomes the current system as the editorial team is willing and able to delegate, and it's neccessary pretty much all the time because of resource constraints - because being an editor generally also is an unpaid volunteer position done in addition to your normal work in academia.
I married into the field, didn’t work in it, but that’s what I’ve observed from the side.