I think micro-feedback in moments is the most useful, practical, and effective. I like to think of it as participatory development. You're engaging and mentoring. This is really what leadership is supposed to be. Continuous and active feedback cycles. But I don't think these have to be opposed. I think performance reviews can and do have a place, but as you noted they have to be employed properly. A check-the-box review won't move the needle on development.