Almost everything about the second goat resists the category of sacrifice. It is not slaughtered. Its blood is not caught, applied or poured out. Nothing of it is burned on the altar and nobody eats any of it. It is not brought near, which is what the Hebrew word for an offering means; it is sent away. The mechanism is not exchange but transport: the confession loads the community's wrongs onto a living animal, and the animal carries them out of inhabited space. This atlas files the rite as purification for that reason, and files the companion goat, which is a purification offering in the ordinary sense, as the sacrifice of the pair.
What or who Azazel is has been argued for two thousand years, and three positions hold the field. The first reads it as a place, a rough or precipitous terrain, which suits the wilderness setting and stands behind several of the older Jewish commentators. The second reads it as a name, a desert power or fallen being, resting on the parallel construction of the two lots, one for the LORD and one for Azazel, and usually calling in the Enochic literature, where Azazel leads the fallen watchers. The third takes the word as an abstract formed on a verb of removal, meaning something like entire disposal, which is the reading that produced the English word scapegoat by way of the Greek and Latin versions.
None of the three is free of difficulty and the Hebrew does not adjudicate between them. What can be said is that the rite does not treat the goat as a gift to anybody. Nothing is offered, no altar is involved and no return is expected, so reading the goat as a payment to a demon imports a transaction the text declines to describe.