This benefit to peer reviewers occurs whether or not their suggestions for improvement are taken. Just like formative self-assessment, formative peer feedback does not involve students giving scores or grades to their peers.
Students whose work is reviewed by peers receive feedback that they must consider in light of the criteria and what they were trying to learn, again giving them a clearer understanding of the learning goal. This is a benefit whether they agree with peers’ suggestions for improvement or not. If students agree that peers’ suggestions would improve their work and revise their work accordingly, this collaborative learning activity also helps to improve students’ work.
A video about peer feedback can be found here