I agree it would be absurd for it to take 95% of your time. I have, however, seen that it takes a lot more time than one would think.
I did some contracting work for a severely dysfunctional meeting heavy organization and it was about 2 hours of meetings for every hour of real technical work!
So about 26 hours of meetings to 13 hours of "real technical work" per week, but that's is 33%, not 5%.
Even when it’s not dysfunctional, you spend a lot of time on communication and reading stuff other people wrote (including code). It’s very rare to work in isolation.
Ah yes agreed, if it's more than 90% it just signals to me that a developers skills are probably being wasted too much on business/coordination stuff.
But i guess if we mean actual time tapping your keyboard making code, then it's true some days for senior+ devs, but definitely not technical work overall.