Approaching Snake (directly) in the air is very risky since he has tools for defending himself. His Up-tilt is just outright broken and blocks things like Fair and Nair. His Nair ****s on Wario's aerial approach since it's a long-lasting move that has multiple hits that are disjointed, and his pivot grab just laughs at Wario's attempts to approach him. I'm not saying Wario can't/shouldn't approach Snake through the air, but it's just skewed in Snake's advantage since he can do those things I mentioned above. Of course Wario has to approach smartly and unpredictably but Snake could also read that and play smartly and try to chase Wario away. He can also DACUS away in an attempt to escape if that is needed. By all this I am saying that Snake can control the space in front of him and somewhat above him, limiting Wario's approaching options. It's not without the risks that Wario approaches Snake...
While Bite has its own merits, I wouldn't suggest using it a lot against Snake. Why? Because Snake's many disjointed hitboxes can break through it (beat it). Not only that, but if there are any grenades laying around, Bite will always "prioritize" them before Snake (since Bite's hitbox (grabbox) is bigger for items than characters). However, Bite is a great tool against a recovering Snake if Wario gets the chance to bite his Cypher.
"...but you have the advantage of not getting hit often." I have to disagree with this. Yes, it may be so that Wario hits Snake more (poking), but since Snake can deal ridiculous amounts of damage, Snake's hits adds up over time (not to mention trading occurs more than one may think). So it doesn't really matter if Wario gets ten attacks that deal around 80% while Snake's attacks deal the same amount of damage, but with only, say, five hits. Snake hits harder than Wario (really, the grab release is just a great bonus) and controls the match better overall. Thank goodness for Wario's air speed and air game against him though. In the air Wario truly shines against Snake, but don't forget that Snake has good aerials to keep Wario at bay. If Wario thinks he can do what he wants against Snake in the air then he's wrong. Baiting his air dodges or punishing a failed aerial with Waft is what Wario's good at. Since Snake doesn't have that many air-to-ground options, Wario can punish hard (fueling this with tires/the bike (item)).
I am aware of Snake's merits in this Matchup and the same goes for Wario's merits. The same goes for their flaws. But I just believe that in the end, Snake takes the larger bite of the cake than what Wario does. I respect your opinions and ratios about this Matchup, but this is just my point of view on the Matchup.