That is the superficial thinking but unfortunately it is not true. First when they cut trees, they do not haul in the branches and the leaves. There is no money in that. The branches and the leaves are all cut out and left in place with just the main trunk being hauled to the sawmill. The branches and the leaves then dry out and rot releasing their carbon. This means that big part of the trees mass (probably at least 50%) does not get its carbon sequestered. (For a similar reason freshly logged forests are a much bigger fire danger than forests that have not been logged at all).

Secondly unfortunately, in general loggers mostly do not regrow the areas they cut down. Although they do talk about regrowing whenever they are talking to the media, in reality the areas regrown are far less than the areas cut down and thus the earth is losing a lot of tree cover every year.