The Earth has been between 150ppm and 400ppm for ~5 million years, and in that time life has evolved/adapted to those specific conditions. While some species will eventually do better at 500ppm CO2 others will do worse even if it's just from the increased competition. We have no guarantees which will thrive.
In terms of crops, even if crops grow well under those conditions there is not going to be anyplace for them to grow. It takes thousands of years for ecosystems to migrate during a de-glaciation and in this case it may take longer because ecosystems would need to move to places they haven't been in a very long time.
Just because wheat growing temperatures migrate to northern Canada doesn't mean we can up and start growing wheat there. It will take thousands of years for taiga to become useful agricultural soil and much longer for the rock in the Canadian Shield.
In the end it's not just the among of CO2 or the amount of warming that's the problem both are manageable if the change is slow enough, but current change is an order of magnitude higher than any change seen outside a period of mass extinction. It doesn't matter whether it's warming or cooling, if ecosystems can't migrate quickly enough to keep up with the change there is little productive environment anywhere.
There's also consequences of some species of plants invading areas not normally habitable for them or at least relatively so. This can change entire ecosystems up the food change. OTOH, if we can grow crops in areas not previously favorable for the same then food production would likely increase. I'm more concerned about unforeseen consequences than worrying about making non-arable land fit for crops. As a pure amateur in this field of climate all I can do is speculate from a biological standpoint. However, I believe there are so many variables that most everyone is speculating.
What I'd like to see is arid areas receive more rainfall although I suspect that is wishful thinking. Unless the greenbelt expands my guess is arid areas may in the main on balance become more arid.


