I don't know if I'd use pine on the west coast unless you were doing some kind of opaque finish over it; cedar (or sometimes fir for posts/beams) is the standard for exterior wood with any kind of clear or transparent finish.
How it'll stand up kind of depends on the conditions it'll be exposed to. Cedar soffits should be OK for the mid-term; they're not going to get much direct sun or rain exposure. Any vertical wood will sort of depend on the overhang above it and how much direct sun it gets.
I did a bunch of exterior cedar millwork on my parents place about 15 years ago and the difference in wear depending on the exposure has been pretty stark. Parts that don't get much direct sun or a ton of rain look pretty much just as good 15 years later; parts that are exposed to rain, but only a moderate amount of sun, were good for about 10 years before they needed some attention; and the southeast-facing parts that get full sun all summer and rain all winter get absolutely trashed and really do need to be sanded and recoated every 4-5 years.
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