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Air can be enhanced with combat magic. In general, I think that magic in Heroes of Might and Magic can be further balanced, especially the entire 3rd level of magic, which no one uses at all.

Air is already not lacking in combat magic, unlike water.
It should be taken into account that the toolkit for working with magic in Heroes of Might and Magic is severely limited. At most, you can enhance the effect of existing spells.
If the third level (except for antimagic) is not used, then transferring spells from one element to another will not change anything.
There are many other things that need to be balanced, such as starting armies, secondary skills.