Preheat air fryer to 300°. Beat banana, peanut butter, honey and vanilla until blended. In another bowl, combine oats, flour, milk powder, cinnamon, salt and baking soda; gradually beat into banana mixture. Stir in dried cranberries.
In batches, drop dough by 1/4 cupfuls 2 in. apart onto greased tray in air-fryer basket; flatten to 1/2-in. thickness.
Cook until lightly browned, 6-8 minutes. Cool in basket 1 minute. Remove to wire racks.
Serve warm or at room temperature. Freeze option: Freeze cookies in freezer containers, separating layers with waxed paper. To use, thaw before serving or, if desired, reheat in a preheated 300° air fryer until warmed, about 1 minute.