Yes, Satan is the prince of the power of the air.
"Air" symbolically in prophecy was used as an equivalent to the heavens, a symbol of government, & an emblem of the kingdom of Satan. (Eph.2:2 & Eph 6:12)
A vial poured out into the air denotes destruction of all existing governments under the influence of Satan. (Rev.16:17)
The "prince of" is the leader of something. In this case, the leader of demons or evil or sin.
32 While they were going out, a man who was demon-possessed and could not talk was brought to Jesus. 33 And when the demon was driven out, the man who had been mute spoke. The crowd was amazed and said, “Nothing like this has ever been seen in Israel.â€
34 But the Pharisees said, “It is by the prince of demons that he drives out demons.â€(Matt.9:32-34)