Yes, buyback shares are cancelled ie the number of shares issued is reduced - it’s effectively the opposite of a cap raise when new shares are issued. As far as I can see, you are correct about buybacks being suspended around reporting periods on the ASX:
The “Blackout Period” is the time between when a company closes its books for a reporting period and they make this news public to the market i.e. from 30 June to sometime in August generally for full year results. During that time, insiders (meaning Directors etc) cannot trade in shares, nor can the company buy-back any stock (if a buy-back is in place).
https://marketmatters.com.au/questionandanswers/how-long-does-the-blackout-period-last-during-australian-reporting-season/#:~:text=During that time, insiders (meaning,-back is in place).
Ann: Vitiligo and Operational Update, page-17
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