These days in the valley, I'd say that 90% of rounds that are <$1M are convertible notes these days. Above that, it's more likely to be equity. At >$3M, then it's almost always equity.
The reason is mainly that note rounds are much much easier to put together. Simpler terms. Not much to negotiate. Versus equity rounds have complicated terms, like board seats, protective provisions, liquidation preferences, etc., etc. There's been some efforts, like Series Seed, which are meant to simplify equity investing to the point where they are competitive to debt rounds. But in general it's become commonplace to use notes.