I've gone through it in the past enough times but I'll throw an abridged version at you so you can make fun of it.
So, CO2 is an underachiever, the warming we had was due to natural events and trends. Those trends changed, climate change is quite normal, and now the warming is gone.
You're conflating air temperatures with whether there is more total heat within the system. I'm not denying that the air temperatures didn't do like we expected. But to suggest that CO2 is not retaining heat is ... well ... it's the most fundamental of denialism. I means you can dismiss nearly any piece of evidence, since it's such a foundational level of denialism.
The real question is tracking where the heat is going, and what the capacity of those buffers is. We'll only get extreme heat events every once in awhile, but those can be pretty damaging to ecosystems. We're about to exceed 1998.