The specific heat capacity of dry air is roughly 0.24 BTU/lb/°F (1J/g/°C) while the same for water is about 1 BTU/lb/°F (4.2J/g/°C) which doesn't seem like much until you realize how large a volume 1lb (1g) of air occupies as compared to 1lb (1g) of water.

The specific volume of dry air is about 0.07lb/ft3 (1 kg/ m3 or 0.001 g/cc) and water is 62.4 lb/ ft3 (1 g/cc).

Air at 120°F would hold (120*.24*.07)=2.016 BTU/ft3 or 0.002 BTU/fluid ounce (0.001J/cc)

Water at 12O°F contains (120*62.4) = 7488 BTU/ft3 or 7.5 BTU/oz (4.2 J/ml)

My numbers are not exact and are just for illustration, but they show that water will contain about 4000 times as much heat as an equal quantity of air.