I think that the AI is definitely a fan of land forces but they are the meat-and-potatoes units of the game while naval/air tends to be more auxiliary. That said I have seen them use them so I suppose your experience is abnormal maybe? Or maybe Swen and I get all the luck with the smart combined arms AI

Maybe. Since Bomber Ballons are high up in the research ladder it takes a while until the AI (or myself for that matter) uses them, so you don't tend to see much fighters either (since they don't serve much purpose).
I also restart a campaign when a new patch is out or to test the effect of the different sliders in the advanced settings, so I don't get that much late-game action.
Might also have to do with difficulty? I play mostly on medium, but consider changing it to hard at least for 2vs2, since now that I have some more experience, the medium AI is not as much of a challenge as it used to be, esp. if you have an AI on your side.