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I would be curious to see data on this.
Though, I think people say this because of the assumption that very few people start looking for jobs *just* because they are unhappy with pay. So if they get more money but nothing else changes, they will be unhappy again soon.
There are a lot of articles on this, not sure if it’s all from the same study. This one is interesting: 50% of those who accepted a counteroffer are job hunting again within two months
https://hbr.org/2022/05/the-downsides-of-making-a-counteroffer-to-retain-an-employee