Nevertheless, a tree at the place of an older one can help binding CO2 when the old tree is used such that the CO2 is not released to the atmopshere, such as for a well-crafted table (which could be used for decades, too). But don't forget that it usually is not just removing one tree - usually big areas are cut out, which includes the huge ecosystems around trees in untouched nature.
Though, always keep in mind, this is not a choice. The goal should be to preserve as much as possible (especially untouched ecosystems) as well as planting as much as possible.
This single track kindset of climate change fight is why we get so much green washing.
Here's a good article you might want to read. It also says that natural forests are actually better at capturing CO2.
https://envirobites.org/2019/09/24/old-is-better-than-young-...