True, and they are probably at least a small net flow into the atmosphere. But:
"There are hundreds of millions of cows (and other livestock) that did not exist before."
... that part doesn't matter: agriculture is by nature carbon-neutral (except if you count mechanization aspects like fertilizers + fuel).
But you're missing the fact that some of the CO2 captured by the grass is farted by the cows as methane, CH4.
About 1% of the CO2 is released as CH4.
CH4 is about 25 times more potent as a greenhouse gas. It's one of the most potent greenhouse gases.
Luckily methane has a half life of 7 years in the atmosphere, so anything we do to reduce methane emissions is likely to be helpful.
Especially as China and other countries continue eating more meat at higher and higher rates.
Additionally, something has to ship all that food to the cows.