There are such things, they are called "arxiv overlay journals". Couple of examples from my research area: https://www.advancesincombinatorics.com/ https://www.

There are such things, they are called "arxiv overlay journals". Couple of examples from my research area: https://www.advancesincombinatorics.com/ https://www.advancesincombinatorics.com/, https://theoretics.episciences.org/ https://theoretics.episciences.org/