I don't think so, but I have no info to back it up. As far as I know Model Air is formulated for airbrushing. That is, I think Model Air has additional ingredients to optimize performance when aerosolized through airbrushing. Though of course, it can be hand-brushed, and Model Color can be airbrushed. I've read enough posts on the scale modeling forums from modelers who have. Many also note getting the best results with Model Air, if they use the other Model Air products with the paint-thinner, leveler, etc. I concede, though, that I can't speak from direct experience of airbrushing Model Air, because I don't use it. The comment about using the other Model Air products when airbrushing Model Air is similar to my experience airbrushing Tamiya acrylics, though. i get my best results with Tamiya's acrylic paint, when I use Tamiya's proprietary acrylic thinner. Though there is an exception-I find it airbrushes well with generic lacquer thinner, too.
Wow, that came spilling out!
Prost!
Brad