I guess you don't understand what "sequestering" means.
Sequestering is a process where carbon becomes unavailable for biological processes.
So you have carbon circulating (present in biomass, returned to atmosphere, then back to biomass, etc.) and you have carbon that is not available for circulation.
Carbon in atmosphere is part of circulation. When a supervolcano erupts and emits a bunch of CO2, this adds carbon to atmosphere but then that carbon may very quickly be bound in biomass (for example algae, forests, etc.) This doesn't mean it is sequestered. The algae can die and ferment and forests can burn, releasing CO2 back to atmosphere.
Earth has ability to very quickly bind large amounts of CO2 from atmosphere, true.
But it does not have ability to sequester it, because as long as the carbon is present in biomass, that biomass can burn or rot and change to methane/CO2.
Current coal, oil and gas deposits are due to the fact that at early stages of evolution there was no bacteria that could process some parts of biomass. For example, plants rather than rot would just be covered with more plants and become coal deposits.
Today, it is not possible to form new coal or oil deposits, because any biomass would be quickly digested/fermented/rotted before it could be sequestered.