IPad 4 with iOS 6 was amazing , I can say that because I ve owned an iPad 4 . Amazing experience. iPhone 5 with iOS 6 too. The 5 series aged well . Now I think when IOS 11 drops , the iPhone 6 performance will decrease.To be quite honest, much like how there were big performance leaps between early iPhone models, the same is true for early iPad models. Long term iOS support doesn't automatically translate to good performance on later firmware versions as evidenced by your experience with the iPad 2.
With iPhones, the 5s (7th gen) was really the first model to maintain good performance for a relatively long period. Maybe the 5 (6th gen) if you're feeling generous.
With iPads, given the much higher hardware requirements for the 2048x1536 resolution, it's not until the Air 2 (6th gen) when you reach 5s-level longevity.
It's not really so much that the Air is one of the worst iPads ever made. I've used 2, 3, 4 & Air on iOS 7, 8 & 9, and the Air definitely beats the 2&3 and is at least comparable to the 4 age/performance-wise (at least if you don't count iPad 4/iOS 6 combo). That said, hardware on the Air just isn't sufficient to handle software designed for devices with 2.5-3x CPU performance and 4x GPU performance.
A7 iPads are underpowered IMO