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It's a small convection oven. Most ovens are not convection ovens, they're fan ovens or gas ovens. The biggest downside to both of them is that what you're mostly heating up is empty space.
I can practically fill my air fryer with enough food for one person. Clearly more efficient.
Also because of the small size it heats up basically instantly, none of this preheating the oven for 45 minutes before you can cook anything.
They also use air that moves a lot faster than a convection oven, which makes a huge difference.
And they're also rounded instead of a square so the air moves more efficiently, which also makes a huge difference.
Most ovens are not convection ovens, they're fan oven
As far as I understand the nomenclature, fan ovens are convection ovens.
following because I also dk the difference here
The difference is between normal ovens with top and bottom heating elements and a fan that moves the air around on one hand and a real convection oven that has a heating element in front of the fan on the other.
Your air fryer likely runs on 120v if you are in the US and your oven runs on 240v. This changes the efficiency equation.
240v lets you pump more amps through smaller gauge wire, but since it's an air fryer only needs to maintain a certain temperature, 120v is fine, and will not use any additional power over 240v. The amount of total watt hours used is what determines efficiency.
Where 240v is nice is with electric water kettles, where the higher voltage increases your wattage ceiling, letting you dump the energy into the water faster, and thus boiling it faster. A 120v electric kettle would use the same amount of total watt hours to boil the water, but because it's heating it with a lower wattage output, it just takes longer.
Technology Connections did a good video on the subject.