Share buybacks and dividends exist and are used in the approx same ratio, so it's probably incorrect to say most profits. Also buybacks do not change the pool of dividend receivers.
Data from 2023, by Aswath Damodaran, says that 40.87% of companies are doing buybacks and that buybacks are 64.28% of all cash returned [1][2]. US is leading in this segment here wrt to rest of the countries.
