Grease two air-fryer-safe cake pans. In a large bowl, cream the butter, granulated sugar, and brown sugar until light and fluffy. Beat in the oil and pumpkin, scraping the bowl so it's well combined.
Add the eggs and vanilla and mix well.
In a separate bowl, whisk the flour, baking powder, baking soda, salt, pumpkin pie spice, and cinnamon. Fold the dry ingredients into the wet along with the milk, mixing just until combined.
Divide the batter evenly between the two pans. Air fry each layer at 320°F for 20 to 25 minutes, until a toothpick inserted in the center comes out clean. Start checking at 18 minutes, as air fryers vary.
Cool the layers in their pans for 10 minutes, then turn out onto a wire rack to cool completely.
For the frosting, beat the cream cheese, butter, powdered sugar, vanilla, salt, and heavy cream in a large bowl until smooth and fluffy.
Once the cakes are fully cool, spread frosting between the layers, stack, and frost the top. Decorate as desired and serve.