Does water heat up and cool down faster than soil?
No, water does not heat up or cool down faster than soil. This is because soil has lower specific heat. Specific heat is how long it takes for a substance to heat up or cool down.
You would have to specify the amount of each. If the volume is the same, water (having a larger density) would have a much larger mass, and therefore take much longer to cool down or heat up. Even for the same mass, water will take longer to cool down or heat up, because of its larger specific heat.