When we went to look around schools in order to choose one for DS, one of my key considerations was how long they keep up with the 'play-based, child led learning'. And there were huge differences.
At one school we were told that yes, reception is play based, however as they need to get the children ready for the more formal learning in Y1, they 'ease the children into it' by starting to become more formal half-way through reception. That's when homework starts, too (on top of daily reading).
Another school barely understood my question - of course reception is play based, and of course Y1 is when formal learning starts. Yes they will help the children adjust by going easy on them in the first half term of Y! but then it's 'school'. Including proper homework.
At my favourite school (though we ended up not choosing it due to distance) the head was able to explain to us exactly how this 'play-based' and child-led learning works in their school and it made so much sense. Also by having this clear system they are able to extend most of it into Y1. They get excellent academic results and are OFSTED outstanding so the lack of 'formal schooling' certainly doesn't cause any problems.
In this school we were told that the days start with the teacher explaining something to the whole class for maybe 10 or 15 minutes (e.g. introducing a new letter sound). Then there are two groups of 6 children each who work for 20 minutes with the teacher and the TA respectively. Then the teacher and TA move on to the next groups. The children who are not 'working' are 'playing' but in a disciplined way which reminds me of Montessori settings: Each child has a name tag which they go and put on a hook by the activity they want to do, when they have finished the activity (including tidying up) they go and move their name tag to the next activity. This is conducive to actually completing activities; and keeps the children aware of what they are doing; it is child led but doesn't invite the child to follow each whim and be easily distracted.
So every day each child has 15 minutes full class teaching, and 20 minutes group teaching. The rest is 'playing'.
In year one the full class teaching is extended to maybe 20, 25 minutes; and the group teaching to two separate sessions of 20 minutes each; the other 5 hours of the school day are still play.
In year two they have more 'work' time but still retain some of the play.
No homework at all (apart from reading).
So what I'm saying is, in state schools there are huge differences regarding how 'school' like the early years are. At some, you'll find the play based learning being dominant in YR and Y1 and still present in Y2; at others, there is barely a nod towards play based learning for half a year in YR and then it quickly turns into proper 'school'.
Oh and unfortunately this is hard to find out by reading a school's webpage/policies. DS is only in reception but already we have realised that most of the policies play no role at all in daily life. E.g. the policies say 'no homework in YR/Y1/Y2 except reading' but from week 3 of YR we were given homework (practicing letter formation, numeracy things) on top of the reading. So you get home at 4pm with a very tired 4yo and somehow need to fit in homework before bedtime...
And finally: Though at our school, the learning in YR IS play based to a large extent, they are still being taught at an amazing pace. The class has pretty much 'learned to read' (knows letter sounds and can blend and can make sense of short phonics books) and has learned to count to 20, and add and subtract 1 and 2; plus other things. So although YR is not in the shape of formal schooling, there is still quite an expectation for the children to make significant progress in the 'academic' things. In Y1 they will have to learn (if necessary: memorise) number bonds to 20, and spellings. Even if you find a school that keeps to play-based structure in Y1, the children will be taught much more than 5yo in most other European countries would be.