Definitely the odds do favor AAA in large battles with big air forces. They essentially kill a 3-attack fighter 1/2 the time, resulting in a 1.5 decrease in the opponents Power. That corresponds to a 0.3 Power/PU. Another defending infantry would kill an enemy infantry 1/3rd of the time, resulting in a 0.333 Power decrease on average, or 0.111 Power/PU.
Yes, the infantry will give you more HP because you buy 1.666 of them for the price of an AAA. However the instant kill nature of the AAA shot means that advantage is effectively only 1.166.
Hence, the marginal benefit of adding one more AAA to a large stack that is guaranteed to be attacked next round is usually bigger than the effect of adding one more infantry. It isn’t quite as simplistic as the above values since we have to look at late game when all of the attacking infantry are dead, but Battlecalc confirms the general benefits of an AAA over an infantry.