It's been a while since I've put anything in an Elsevier journal, but iirc they still do the review. They just organize it though, basically the way it works is

It's been a while since I've put anything in an Elsevier journal, but iirc they still do the review. They just organize it though, basically the way it works is that they have a pool of reviewers who are known field experts that they choose from. Reviewers are not paid though, so ithat doesn't cost them much. It used to be that they put a lot more effort into editing and typesetting for print, but they don't do nearly as much nowadays. You just send them your TeX file and if something is wrong they tell you to fix it.