Something I haven't seen anyone here point out is that outfitting your entire army with AA is far from cheap either.
It's not correct to compare the cost of 1 divisions AA vs aircraft it can shoot down because the other 95% of the divisions you have will not be attacked by CAS at the same time, and their AA will be mostly useless as a result, but you still need it in case they should be attacked.
If we compare the cost of AA it's 5 per equipment at 1940 tech and to outfit a division with a solid base protection of one Line and one Support AA that requires 50 equipment = 250 cost per division.
The cost of 1936 Light SPAA is 11 and let's say we put 2 such battalions per mobile division which requires 30 LSPAA = 330 cost per division.
Now if we have 300 infantry divisions and 30 mobile divisions that's a total cost of 75000 + 9900 = ~85000 production
This cost can be put into perspective to getting 1000 CAS costing 24 each which is roughly what you need to cover 3-4 key spearhead battles sufficiently = 24000 production.
So you can actually afford to lose ~3500 CAS before you spent more on CAS than your enemy spent on AA (for an army of 330 divisions), and in return you got:
- More air superiority ( penalties to enemy divisions in combat )
- Bonuses increasing the stats for your own divisions in key combats ( which is impossible to reduce with AA )
- Damage done in key combats, especially importing for reducing the org of enemy tank divisions or 40w divisions making them impotent and allowing you to push them around.