ELI5 Air Fryers - just fancy convection ovens?

How does an air fryer work? Isn't it just a fancy convection oven? Is it really more healthy? What does the air fryer have in common with the instant pot?

 

... We explain like i'm five!

 

Thank you to the r/explainlikeimfive community as always and in particular the following users whose questions and comments formed the basis of this discussion: rritaintme, jaksblacks, whythecynic, muffinpuff, exnato, osgjps, greenstrong, kaki_kencing & xelopheris

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