We do it similarly to how you describe here -- we have a short intro (5 mins) before diving into each of us presenting. Each of us presenting may take 2 mins or take 30 mins. If one of us is struggling or blocked, we use this time to collaborate + pair program/debug.
Eventually, we get through everything and then go about our day. Sometimes (because I am the "lead"), I'll use the opportunity to ask questions about roadmap or other items that I need their input on. They're already distracted and not "in the zone", so chaining on the additional "meeting" works quite well.
Because of this, these are our only meetings every week. We get a bit of "water cooler" chatting in, we are able to unblock each other, and we are able to have a short iteration loop for re-prioritizing our work. (New tasks can be delegated by quickly going through the backlog)
The pandemic has really changed work, and I really feel like we're still iterating on what the best dynamics are for teams to be productive. Thanks for the insight into your team dynamic!