Preheat the air fryer to 400 degrees F (200 degrees C).
Whisk together egg and water in a small bowl.
Place an empanada disc on a work surface. Place 1 tablespoon chocolate chips in the center of dough and top with 1/2 banana. Brush edges of empanada disc with egg mixture and fold in half, firmly pinching the edges to seal. Place on a baking sheet. Repeat process with remaining empanada discs, bananas, and chocolate chips.
Brush empanadas with milk and sprinkle with turbinado sugar. Place 3 to 4 empanadas in a single layer, being careful not to overcrowd, in the air fryer basket.
Cook in the air fryer until golden brown, 6 to 7 minutes. Remove to a platter and repeat with remaining empanadas.
Meanwhile, whip cream in a medium bowl with an electric mixer until soft peaks form. Add powdered sugar, vanilla extract, and 1/4 teaspoon cinnamon; whip until stiff peaks form. Top warm empanadas with cinnamon whipped cream and sprinkle with additional cinnamon.