Cream butter and both sugars together in a medium mixing bowl until light and fluffy, about 5 Minutes in a stand mixer with a paddle attachment.
Mix in peanut butter, eggs, and vanilla extract until thoroughly combined.
In a separate bowl, combine flour, baking powder, and salt.
Slowly incorporate the flour mixture into the peanut butter mixture.
Fold in pretzels, bittersweet chocolate chips, white chocolate chips, M&Ms, and rolled oats.
Line the air fryer basket with parchment paper. Preheat on the Air Fry function at 340°F for 8 Minutes.
Using a cookie scooper or spoon, drop 1 ½ tbsp of batter at a time into the basket, leaving 1 inch in between each ball. Do not overcrowd the basket, or the cookies will bake into one another.
Gently flatten the tops of each cookie dough ball. Dust with holiday sprinkles.
Bake cookies for 8-10 Minutes, or until golden brown on the top. Remove cookies from the basket and continue air frying in batches.