Photosynthesis removes carbon dioxide from the atmosphere and produces/releases back into the atmosphere.

That statement is partially correct. Photosynthesis is the process by which green plants, algae, and some bacteria convert carbon dioxide and sunlight into glucose (a form of energy) and oxygen. The carbon dioxide is indeed taken from the atmosphere during photosynthesis. However, the oxygen produced as a byproduct is released into the atmosphere, while the glucose is stored in the plants as energy or used as a building block for other organic compounds. When plants undergo cellular respiration, they release carbon dioxide back into the atmosphere as a waste product. Overall, photosynthesis helps balance the levels of carbon dioxide and oxygen in the atmosphere.