What biological life forms are as good if not better at absorbing CO2 than trees

Oh, that’s simple- just get all that excess carbon dioxide out of the atmosphere and oceans.

That depends entirely on the conditions the wood experiences. If you leave it on the forest floor, it may be gone in ten years. Stick it in a municipal landfill, and it’s effectively permanently sequestered on any timescale we care about.

Of course any time we’re talking about biomass, it’s distributed nature needs to be addressed. E.g. biomass-burning power plants are restricted to smaller, less efficient sizes due to feedstock transportation. So if you want to just bury trees in forest trenches, you’ll be somewhere between now and forever. But delaying decomposition does decrease net flux.

Locking up biomass also means locking up nutrients, limiting this as a long-term strategy.

I don’t want beat this horse to death, but in the general case, this isn’t correct.
It all depends on how damp the environment is. Wood in a landfill in Phoenix might last many hundreds of years. In a less arid environment, the wood will decay in decades.

Oxygen, not water. Buried wood in anaerobic wetlands, about as wet as you can get, is pretty inert. Lignin decomposition is almost if not entirely an oxidative process, which gets shut down in a standard landfill. And lignin renders a good chunk of the cellulosic material inaccessible.

That’s not to say water is unimportant. The EPA WARM has dimensional lumber’s landfill decay rate at 0.007/yr for a dry landfill and 0.03 for wet (compared to say grass at 0.15 and 0.60/yr, respectively)

Relevant literature includes (DOIs):
10.1016/S0964-8305(97)83389-6
10.1016/j.wasman.2013.07.009

Issues with processing and transport:
10.1007/s11027-010-9267-5

Of course another option is pyrolysis (+ power generation) and burying the char, which is even more inert than wood. But again that runs into mass transport problems.