For programmers: Air fryers have perfected the race to idle.
For everyone else: Probably, but the insulation may not matter as much. Heating up a traditional oven takes anywhere from 15 to maybe 5 minutes, if you got a really powerful one. During that time heat escapes the device.
Meanwhile air fryers usually heat up in about a minute and get the actual cooking done faster.
So unless you are broiling something for a really long time, air fryers may still come out on top, just because they get done quicker, saving energy in the process.
Oven pizza is a 22 minute job. My air fryer is done after 9.
There’s also something about air volume and thermal mass, but you get the point.