Even if true, it's irrelevant. The vast majority of VC investments also lose money, or as you put it "destroy capital" -- that's just high-risk investment generally. Nobody knows in advance what the future holds, which is why you spread your risk with lots of investments (or acquisitions).
But as long as you have enough runaway successes, then acquisitions are an overall profit-making, not profit-destroying, strategy. Even if the profit only comes from a small minority of them.
And that's only if you're counting the direct future profitability of an acquisition. Many times, the acquisition is also for key expertise or employees that may otherwise be prohibitively difficult to get, patents, the only way to compete in time, or is even strategically defensive -- to prevent your main competitor from acquiring the same critical technology/team.