You can even combine arXiv and peer review very neatly: https://news.ycombinator.com/item?id=48744030

Overlay journals can also have a short editorial description of the paper, basically an executive summary of what it says and why it's interesting or noteworthy.

Examples:

https://discreteanalysisjournal.com/

https://www.advancesincombinatorics.com/

I like this - thanks for sharing!