Sharing knowledge, improving code quality, readability and comprehensability, reviewing test efficacy and coverage, validating business requirements and functionality, highlight missing features or edge cases, etc. AI can fulfill this role, but it does so in addition to other automated tools like linters and whatnot; it isn't as of yet a replacement for a human, only an addition.
The better your code is before submitting it for review, the smoother it'll go though. So if it's safe and allowed, by all means, have copilot have a look at your code first. But don't trust that it catches everything.
Calling it 'very basic' actually exalts the concept of code reviews, because the ideal code review is more than just identifying bugs in the code under review.
If I were to call the Mercedes A-Class a 'very basic Mercedes', it implies my belief in the existence of superior versions of the make.