If using skin-on chicken, trim any excess fat from the edges, or remove it completely, and season both sides with salt and pepper, to taste.
Whisk together the buttermilk and hot sauce in a medium mixing bowl. Add the chicken pieces and push them down to submerge them in the liquid. Let the chicken marinate for 5 to 10 minutes or cover and refrigerate it for up to 24 hours if prepping in advance.
Line a small baking sheet with foil or wax paper. Add the flour and Old Bay Seasoning to a large plastic food storage bag and shake it to combine the mixture.
Drop one piece of chicken into the flour mixture and shake the bag to coat the chicken well, shaking off any excess flour. Transfer the coated chicken to the foil-lined baking sheet and repeat the breading process with the remaining chicken. Let the coated chicken rest while you preheat the air fryer to 390 degrees F for 5 minutes.
When the air fryer is preheated, use an oil mister to lightly coat the bottom of the air fryer basket with oil. Lightly coat both sides of the chicken with oil and transfer them to the preheated air fryer. It's okay if the chicken is touching but the pieces should not overlap. Cook at 390 degrees F for 25 minutes.
Check on the chicken about halfway through the cooking time and mist any dry spots with additional oil.
The internal temperature of the fried chicken should read at least 165 degrees F at the end of the cooking process.