Question

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

Answer 1

There would be far less wind along coastlines: 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.
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.
(If there were no such differences there would be neither land, nor sea breezes along the coastlines.)