Some like to play the expected price swing; between the pre-X high (sell), the dip that comes from X-date or even lower (buy), and then the hoped for rise back to pre-X levels or above (profit). Many think/claim that that swing I described nets more money than just getting the dividend. It also depends on whether one collects their divs as cash or reinvested shares, and what if any tax consequences arise from divs vs cap gains.
The case in point today is that I sold out my AMTG shares yesterday early on before the drop, received 22.75. With yesterday's drop from there plus today's drop (70c div plus 10c in value), my net difference right now is about 1.15 compared with holding and standing to get 0.70 div. With some room to wait left until next week, I may consider buying back then. It also takes until next div declaration to see what happens next, or if there will be an SPO, in the meantime one can turn the money to ARR and collect maybe 2 monthly divs before next AMTG buy point.
As you stated, the capital gain is worth more than collecting the dividend.
All dividend taxable; while capital gain can be offset against other stock loss.
In other words, buy at low, sell at high (greater than the dividend payout)