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Sometimes it feels like a Ouija board and a voodoo doll
I can’t talk for every organisation but the 3 stages are usually designed to scope candidates out. On the rare occasion they last 2 stages may discuss, but each stage should be a yes/no gateway to the next stage and offer
Pro
Typically the only reason the last stage would confer with the first stage is to say ‘why tf are you wasting my time with this garbage?!’
The last interviewer is usually the person who is accountable for the work of the role, so they have veto over who comes into their team.
From my experience, all the interviewers meet to align and discuss the candidates. Decision can depend who is going to manage the new hire, whether its most senior person or another such as team leader. If there is no consensus though I have seen the most senior usually take the decision.