During the COVID-19 pandemic, college faculty took many different actions to support student success during the transition to online instruction. However, the conclusions we draw about the "impact" of these adaptations and their implications for racial equity may vary depending on the outcome measures we examine. We explore this possibility through a mixed-methods study of 10 courses taught at a Hispanic-Serving Institution in the United States in Spring 2020. First, using qualitative analytical methods, we identify five types of instructional adaptations students noticed their instructors made early in the pandemic. Second, we use quantitative methods to uncover associations between these instructional adaptations and several student- and course level outcome variables. While all five instructional adaptations were perceived as beneficial by students, only two--"ensuring access to class resources" and "ensuring access to instructor time"--were significantly correlated with racially marginalized students' self-reported motivational and personal gains from their coursework. None of the adaptations were significantly associated with more equitable course outcomes, however. We discuss the implications of these findings and the differing narratives they imply for researchers, practitioners, and policymakers.