Hi Kyle,
Yes, you essentially have it right about the differences between Inspection and Performance Review, both tools and techniques of Control Quality.
From the PMBOK Guide, 6th Edition, p. 305:
“A goal of the Control Quality process is to determine the correctness of deliverables. The results of performing the Control Quality process are verified deliverables that become an input to the Validate Scope process (Section 5.5) for formalized acceptance.”
Inspection is a close examination of work products to determine if they meet the requirements and acceptance criteria. They target single activities or a product, or phase. They are also called reviews or walkthroughs in different industries. Most are visual and done by project teams along with the customer.
Performance Review is a data analysis technique used to compare the plan (quality metrics defined in the Quality Management Plan) against the actual results. They are much like audits but are done internally, oftentimes with management, and focus on more specific metrics or products, rather than projects or programs.
On my exam, I do remember a few questions about audits and inspections. It's good to understand the differences.
I wish you the best, Kyle!