Yes, but when you plant new trees they capture more carbon. More or less than the old growth would've? I'm not sure off the top of my head. Do you know?

I'm guessing it probably varies by species and soil and climate and such. It's not a given that old growth will keep sequestering more than replanted forest. Old growth, according to that followup study, eventually reaches a carbon equilibrium. They don't grow to infinity and keep sucking up carbon. If you take those trees and move them into furniture you've essentially freed up soil and canopy (light) for more wood to grow.

If they just replace the old growth with rangeland or development, then yes, it's much worse.