Speaking for myself, when I log in to Backstage I check open mod reports first and then use the 'unread posts' option to read through as many new posts as I have time for. This means that I am more likely to see a post if it has been reported than if it hasn't. If a post has been reported, I look at the context in the thread to see if I agree immediately that the post breaches the rules, if I am not immediately convinced I make a note for the other mods on what I think so they have my input on whether action should or should not be taken.
In addition, when I see a post in general reading that I think is a clear breach of the guidelines, I'll mod straight away, but if I see something that I'm not entirely sure about, I use the report function myself to flag the post for other mods to see if action should be taken.
While an ideal situation would be that multiple mods looked at each and every post and discussed it, this can mean posts standing for quite some time before everyone has been on line to look at it. The longer a post stands, the more likely that the rest of the thread will go down hill, in my experience, so I try to balance the need for prompt action with the need for considered action.
But no, we absolutely do not nuke every reported post.