The rarity of a card most definitively does correlate with the odds of it being pulled, but it doesn't seem to correlate at all with the frequency that it is found.
For example, Sanctaria was found 695 times (according to the Finds History), and since S3 started 760 days ago, that means it's found by someone nearly once a day. But West Chanchajilla, a completely normal common card, was found 626 times, making it marginally rarer. Many other cards seem to be twice as rare, some extremely more rare, but it all fluctuates and seemingly has no rhyme or reason.