Would it be acceptable to use annual product review as an opportunity to determine which processes and products require revalidation?

Certainly. In fact, this is addressed in Q7A Section 2.5 under product quality reviews: “The results
of this review should be evaluated and an assessment made of whether corrective action or any
revalidation should be undertaken.” So clearly it is intended that data from the annual product
review could be used to determine if revalidation is necessary.