Is peer review broken? No, it’s not. The “stuff is broken” is overused so much that it now just sounds like hyperbole.
Can we improve peer review? Yes. The review process takes longer than some people like. And yes, editors can have a hard time finding reviewers. And there are conflicts of interest and bias baked into the process. So, yes, we can make peer review better.
As a scientific community, we don’t even agree on a single model of peer review. Some journals are doing it differently than others. I’ll briefly describe some peer review models, and then I’ll give you my take.