Annual performance reviews aren't a good feedback tool. They are much too slow, and usually also too big and generalized. What you really need is fast specific feedback (within a week, focused on one event, action-focused).
With that said, if you want to grow, don't ignore your annual review. It may be the only feedback you get from some people, so analyze it and extract whatever information you can to help yourself grow.
If you're a manager and your organization requires performance reviews, it's probably not worth the effort to fight them. Instead, work on giving your team feedback fast, specific throughout the year to help them grow. And do a good job on the annual reviews for their other purpose, which is recording performance for salary and promotion decisions.