Preheat the Air Fryer to 350°F and grease an 8-inch cake pan (4-inches deep).
Combine all of the ingredients, except butter, in the pan.
Place in the air fryer and cook for 20-25 minutes. Every 7 minutes, stop and stir the macaroni.
At 14 minutes, stir in butter and continue cooking.
When finished cooking, stir and let sit for a few minutes to allow the sauce to thicken as it cools.
*Pre-shredded cheese has anti-caking agents in it that make it harder for it to melt. For the smoothest sauce, try shredding cheese by hand. No need to precook the macaroni, the air fryer will cook it together with the sauce.