Yup. Butt wink often happens when you sit too far back and go below parallell. Many times it's with a low bar position and a forward leaning torso. Anatomically, it's very hard to not butt wink that way if you think about it.
Main issues prior to fixing myself was:
1) not being able to keep a tight core, which made me come in and out of lower back hyperextension and lumbar flexion during the squat (I still arch a bit too much on the way up)
2) not being able to to stay upright, which made the squat look like a good morning
3) not being able to externally rotate the hip and shove the knees out
4) too tight hip flexors
I've found that point 3 leads to point 2; by externally rotating the hip, I can easier maintain an upright torso, like how a sumo DL has a more vertical torso than a conventional DL. More glute activation, stronger posterior chain and good shoulder mobility has helped a lot too.
Loads of people just blame butt wink on poor hamstring flexibility, that they're too tight. It could help to stretch them out a bit but in many cases that would remove the only stability people have left. I've done too much mobility work before squatting a couple of times, and it leaves you all wobbly and you lose all your explosiveness. My hamstrings are still tight, and I think they are so genetically. Fixing the other stuff was all I needed.