The peer review process absolutely produces false negatives, but that doesn't really change the fact that this paper doesn't need to be nearly 60 pages, doesn't sufficiently analyze one of its central premises (6.2.2 Security Considerations) and in general focuses on treatise and levity rather than rigor.
Peer review is basically just proof-reading, and taking 60 pages to present 10 pages of findings is exactly the kind of thing a proof-reader should catch.