Is the Amazon a carbon store?

Could you please elaborate on the notion that the Amazon rainforest serves as a carbon store? How does it function as such, and what are the implications of this for global climate change? Is the Amazon's role as a carbon store threatened by deforestation, and if so, how significant is this threat to the planet's ability to mitigate climate change? Furthermore, what are some potential solutions to protect the Amazon and maintain its vital function as a carbon store?