Using the demo, I can short hop air dodge with Mario, Pikachu, and Villager. Mega Man suffers lag from a short hop air dodge, while Link suffers lag from both a short hop and full hop air dodge.
Using air dodge from the air suggests a longer period before the landing lag ends from an air dodge, so I think that air dodge has autocancel frames from a short hop for lighter characters and possibly if you time it perfectly from the air.
Using air dodge from the air suggests a longer period before the landing lag ends from an air dodge, so I think that air dodge has autocancel frames from a short hop for lighter characters and possibly if you time it perfectly from the air.