emulate, imitate
倣 centers on copying a model or example: to emulate or imitate someone's actions or style.
倣 combines 亻 (person) with 放, which likely contributes the sound and the idea of releasing or following a pattern. The exact historical development is uncertain.
A person 亻 beside 放, which suggests letting go or releasing. Imagine a person releasing their own style to follow another's example, imitating them.
For ホウ, picture a person imitating a famous Hollywood star: Hollywood -> ホウ, and the person copies every move.