Not well, IMO. Or, at least, "it's complicated."
Take for example, the boreal forest, which produces roughly equivalent amounts of oxygen as the Amazon. A large swatch of canada is covered by boreal forest. As the climate warms, the growing season could become elongated. However, there actually isn't any more arable land in Canada without deforesting. Grassland goes right up to the forest, and the forest doesn't stop until the arctic circle.
Maybe you could EVENTUALLY grow in the arctic circle, but even then you face significant developmental/logistical challenges
So, what do you do? Do you tear down the forest, as is happening in S. America, make room for homesteading and civilization? probably not wise. And yet, in the south, if I had to guess, the desert in the southwest will continue to creep up into the grasslands to the north and east.
So say that you do decide to deforest to turn that land into something more than just forest—what then? Increasing turbulent/violent weather poses significant challenges. Arguably one of the worst parts of climate change is not just the extra warmth, but the extreme weather that it brings. Hailstorms are becoming more likely. Early frosts are becoming more likely. And both of these things will kill your crops in one fell swoop. So the existing arable land's yield is going down, not up.
But yes, we'll get a new shipping lane.