Plants are generally not good for carbon sequestration. The carbon goes into the plant, mostly from the atmosphere, but later returns to the atmosphere when the plant burns, rots, or is eaten. The exception is plant carbon that enters the soil. This was actually the source of all that sequestered carbon in the form of oil and gas that accumulated over millions of years.
This happens in the oceans as well, with a certain amount of carbon capture always happening, moving through plants, shells, deposits on the sea floor, subduction, and carbonate mineral production (like chalk). Both of these are the main compartment of long-term carbon sequestration on Earth.
Rain forest is very poor at carbon sequestration because all the nutrients are in the standing plant biomass. Burn that, and the soil is pretty barren. Plant a few years of crops and take away the nutrients and you end up with very infertile soil. Going through an enrichment process with grasses, nitrogen fixers, cattle, compost, etc. might make the rain forest -> agricultural land conversion work.