Nice and simple, your answer was correct. As you have just mentioned, Wind is strong against Lightning because it is a natural insulator, allowing it to effectively disperse it when they collide, depending on ranks of course. If the lightning technique in question is far stronger, it will continue forward at a weakened state. Wind Release has a one rank advantage towards Lightning. That means that a B ranked Wind can cancel out an A ranked lightning technique. If both are equal in rank, the wind will cancel the lightning and continue forward at a weakened state, usually a single rank lower than it previously was. Now, we not only have to take rank into consideration but the scales and nature of the techniques. If I release a massive circular pillar of lightning energy around your surrounding range, it would be pretty much impossible to cancel it out by coating your hand with high ranking wind chakra. All that it would do is effectively disperse the lightning around your hand area or simply protect your hand from harm's way while causing the rest of your body to be struck by the lightning energy. In turn, being hit by the lightning will cause you to lose concentration and deactivate your wind hand coating, further making the defense futile. Now, the same thing would apply to Wind's natural weakness which is fire. The overwhelming heat and power of the flames will absorb the oxygen of the wind in order to strengthen itself. However, this can only be applied when both Wind & Fire techniques are released from the same location, successfully combining them. If they clash from opposing sides, the wind will act as a "wave" of "blunt" force that deals a powerful strike to the wind, weakening it, however dispersing in the process, depending on the ranks used. The same ranks would apply to wind's weakness, meaning that a S-rank wind technique can be taken out by an A-ranked fire technique. And as I said before regarding lightning and wind, volume/size/nature of the technique also needs to be taken into consideration in a very logical sense when combating the opposing technique. In our RP, wind is neutral to the other basic elements, so Earth, Wind & Water. This means that equal ranking techniques will cancel each other out. Again, this depends on the nature of the technique. You cannot expect a single compressed blade of wind to take out an entire tsunami-like wave.
Now, wind release can be used in various ways and I will begin by listing a few;
Field-Type: Field type wind usage is when the user releases their wind chakra outwards in order to shape manipulate or by simply controlling natural wind currents. With the "Field-Type" application, the user is able to create stormy weathers in order to drop down large and strong wind tornadoes. The user could even create whirlwinds or vortxes of wind around their desired target by manipulating the natural air currents surrounding them. Needles to say, this application can be done to one's self as well, creating defensive domes, spheres of wind and similar things in order to defend one's self.
Projectile: Like most of the other basic elements, wind release can also be utilized in projectile-based warfare. The user is able to release compressed balls of wind from their mouth, or simply shape manipulate the wind to more condensed objects like kunai-based and similar. The user is also able to release projectile based attacks from hand gestures or overall body gestures, releasing the chakra outwards and shape manipulating them along with the air currents in order to create attacks like blades of wind or gusts.
Forceful Attacks: These are a branch from the projectile techniques. These involve waves, gusts or even streams of wind that are either released from the user's body, mouth or short range in the form of various attacks. One could even utilize their weapon as a medium in order to release their wind chakra and create similar attacks.
Weaponry: As you stated yourself, wind can be used to enhance a weapon's speed as well as cutting capacity. Naturally, wind has a very cutting-edge type of style. By using shape manipulation, the user will condense the chakra around the blade of the weapon and increase it's cutting potential. The user could even increase the range of the weapon by extended it outwards via the wind chakra as a make-shift blade. The user can also manipulate the natural air currents in order to manipulate projectile based objects or similar items. For example, hovering shuriken in front of the user before releasing them, or simply- redirecting them to a different location after they have been launched.
Any questions that come to mind after having heard all of this?