I had been fed up with the bulkiness of my iPhone 15 Pro Max and was delighted when I received the Air.
Display size, performance, haptics, its lightness - it seemed pretty much perfect for me, wanted to use it caseless with Apple Care+.
But the tradeoffs with the single camera, the single speaker (for the few times I want/need it) and the slightly too small battery made me send it back and return to my 15PM.
I feel the OP's notion regarding using it like a 200$ phone.
As the size and weight of the 15PM felt even worse after returning the Air, I decided to try the 17 Pro (not Max), and I've now sold my 15PM.
I love the 17P, but I'm still sorry the Air didn't work for me in its current form, and I wish I still had the Air as my daily phone and the 17P for when the Air.....just isn't up to the job (camera, speaker, heavy days).
The Air FEELS like the perfect phone for me, but it currently isn't.
Once Apple releases an Air2, which I hope they will, with upgraded cameras, stereo speakers and (slightly) better battery life, it will be my next iPhone for sure.
And it again holds true:
When Apple releases a new product, wait at least until the second generation.