So you add oil and it does exactly what the dictionary definition says. And unlike an oven it’s lot laying around in a layer of oil due to the draining nature of the basket.
Unlike the convection oven that oil is also moved around in a mist all over the food, so it’s quite literally frying it in oil using air.
Does it work as well as deep frying? Certainly not, but then one would argue the air fry is better for not being as oil rich in the first place. It also doesn’t need a couple of litres of oil to achieve good results.
Vetkoek for instance is probably not going to work in an air fryer. Battered fish or croquettes on the other hand come out far nicer for it than throwing in a pot or pan.
Also, it’s pretty good at destroying stuff too if that’s what you were looking for.
You are correct though, you can only roast or bake in an oven. Frying is a special trick of the Airfryer.