It does, and by a factor of more than 20.
There are only about 230 liberal arts colleges in the USA, and almost all have fewer than 2,000 undergraduates. So, at very most, there are 450,000-460,000 students attending a LAC. The total number of undergraduate students attending a non-profit, 4 year college in the USA is about 11,000,000.
So maybe 4%-4.5% of all students attending a non-profit four year college attend a liberal arts college. This has likely not changed much at least since the mid 20th century.