It is a convection oven, but the small size means you that cook times (from start to finish) are much faster, and cleaning is generally easier.

And though technically it should be the same, the convection setting on my parents full sized oven never produces as crispy of results as an air-fryer, so maybe there's more "air-flow-to-size-ratio" or something going on.

I think it is smaller capacity, has a "fryer basket" and maybe hence can concentrate the power more effectively on the small space so is faster? IDK, the NuWave used to be sold as an air-fryer too, but I've never air-fried in a "real one" so I can't personally compare. I just find that the much larger "Oven" and throw everything in the dishwasher is way more useful for way more foods and types of cooking (like if I want to bake a potato etc).

An air fryer is closer to an impingement oven than a convection oven. https://youtu.be/AASP4P5vRAA