In CS, this is definitely not the case at all.
If you remove the "quality badge" factor, journals are totally useless. Everyone in my field knows how to use LaTeX, produce a decent-looking PDF and upload it to arXiv. This saves you from paying APC's, has actually better discoverability (everyone checks arXiv as a one-stop shop for papers, almost no one goes to check the dozens of different journals) and much less hassle (no need to fiddle with arcane templates, idiosyncratic paper structures forced by each journal, idiosyncratic submission systems that look straight from the 90s, typesetters that introduce more errors than they fix, etc.).
I am pretty sure that journals, at least in my field, subsist precisely as arbiters of quality, they don't provide any other value at all.