Preheat the air fryer at 360°F for 10 minutes.
While the air fryer is heating, in a large bowl, add the macaroni noodles, half and half, Velveeta, 1 cup of the shredded cheddar, butter, garlic powder, black pepper, onion powder, cayenne (if using), and salt.
Stir to combine.
Spray an air fryer baking dish with cooking spray and pour the mixture into the dish.
Air fry for 15-18 minutes (please see my note below about cook times).
Stir every 5 minutes to incorporate the ingredients together.
Add the remaining shredded cheese evenly on top.
Air fry an additional 2-3 minutes until melted and slightly browned. Serve immediately.