Absolutely right. Code reviews help the reviewer pick up new things and get exposed to new pieces of the application. It helps the reviewer get feedback to improve or get another set of eyes to catch bugs earlier. The earlier you catch bugs the cheaper it is to fix. It helps both by reinforcing best practices and code standards. It creates a better product that and less technical debt, which the entire organization can benefit from.
It’s difficult at first to start that kind of accountability and review culture. But well worth the effort!