Sure seems that way.
Keeps Wall Street happy and the stock afloat in the short term.
Totally unsustainable in the medium term and will have to be abandoned.
Destroys the company in the long term.
At some point there must be top line revenue growth.
To achieve that will require substantial investment.
That investment will need to be funded by cash flow currently going towards share repurchase and dividends.
Other alternative is to just keep buying shares and paying dividends until the entire business dries up.