As a former 9 to 5 employee I can honestly state that psychological safety wins hands down over peer review techniques every time. The safe employee is the happy and more productive employee. A safe employee can be a quarterback who given a list of tasks can carry them out without worry of judgement.
Most people want to fit in with the crowd and win the approval of their peers. This can lead to an unhealthy "group think" mentality that can stifle creativity and inhibit innovative approaches to problem solving. Individuals are more likely to express outrageous and exciting ideas if they can do so without the fear of being judged negatively by their peers.
My work is changed and created with the help of my peers criticism. WIthout them my work would be lazy and I would almost never get anything worthwhile done. I need their feedback and criticism, both positive and negative in order to be able to do my best work and achieve the most.
Outside of a few exceptional workplaces and circumstances I do not believe that psychological safety is the main impediment to a creative and efficient workplace. Instead I feel that abiding by the same rules and guidelines provides a coherent workplace. Different philosophies are useful for Google departments and everyday offices.