No, not really. I personally find a regular non-convection toaster oven to be good enough (and much cheaper).
Here's the technical aspects I see no one talk about:
(1) Air fryers have much higher air flow than a convection toaster oven and the chamber is more aerodynamic resulting in better air flow around the food.
(2) Air Fryers have a basket, convection toaster ovens may or may not have one and buying an aftermarket one is surprisingly not cheap.
(3) Air fryers have a hair-dryer design, with a fan blowing onto a heating element. The convection oven has normal top and bottom heating elements with a fan blowing the air around on the side.
I find that the air fryer does do a better job at reheating (refrigerated or frozen) fried foods such as tots, fries, fish sticks and chicken tenders. But the trade off is that it's not as good at toasting and roasting things like waffles, bread, quesadilla, pizza or vegetables.