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I suppose this is a stupid question, but what role does airpower have in this game?

It improves the effectiveness of your artillery through spotting and can give you more info on reconed hexes. There is no ground attack role or air to air combat at this scale.

Athough at the strategic phase of the game turns there is an airwarfare aspect where enemy airpower (or your own) can be eliminated. This is calculated as part of the strategic turn and does not require specific player intervention - other than assigning where you deploy your aircraft by front.