California school funding formulae are a big complicated mess, but student attendance does play a role in budgets during regular times. Every day of school your kid misses costs the district about $50. Some districts even nag parents for donations after absences[1]

However for the 2020-2021 and 2021-2022 school years, they set a baseline so that schools received funding based off of their 2019-2020 (preCOVID, normalized) average daily attendance. This was good for big schools that had lower enrollment but caused issues for suburban/rural districts that saw a lot of growth.

[1]: https://www.mbusd.org/apps/form/form.MBUSD.qZBxuUG.Ee