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Do FAANG or other global tech companies have CAB?

I'm working at a global tech company, not FAANG and haven't worked in many tech based companies since I am at the start of my career. But recently my current company have introduced a Change Advisory Board where we have to obtain approval of each change before moving to PROD, where the approvers usually do not know what a certain team does. The process is new and being refined but has introduced lots of overhead and toil, I'm curious to learn if this exists/how it looks at bigger or other tech companies.

Do you have to obtain approval for each change? Is it team based where your team approves changes or do you have to go to a separate board of "change managers"?

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eightysixerSoftware Engineer  
Yes, some shops intentionally want to slow down the software dev lifecycle if the software is particularly critical. A lot of aerospace shops do this. Classical example is medium to large satellites: they cost anywhere from $100M to $1B, they only launch once, they pretty much need to work correctly the first time or you might lose the whole thing. Two line code change? They don't care, review board is going to spend an hour picking it apart. The same applies more broadly to other controlled/regulated software, software that is safety critical, and software doing core banking/financial stuff.
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