How would local winds be affected if water and land absorbed and released heat at the same rate

Well, there would be far less wind along coastlines.

Because during the day land tends to heat up quickly and hot air rises allowing cooler air from the water to move inland. This is often called a sea breeze.

But, at night, however, the land cools quickly an the warmer air over the water rises drawing cooler air out to sea. This is often called a land breeze.

Hope this helps! xx