The unit stats for the fighters are tricky because they are two-dimensional. Only three stats really matter: AA (air attack), AD (air defense) and Ini (initiative). Experience and heroes influence those as well.
To simplify: the difference between the AA and AD values of the attacker and defender is what determines the chance that a defending plane will get suppressed or killed, basically it detemines the number you need to roll on the dice. If the AA-AD difference is small or negative it will be more difficult to hit, no matter how many dice you roll. The initiative is how many 'free' attempts a unit gets to roll a hit before the other side can retaliate.
So my thinking is that AA represents first of all the ability of a plane to succesfully hit an opponent
and how likely it is that a hit will be fatal. The last bit is where the gun and ammunition play a big role. But AA is definately influenced by other qualities than just guns; in PzC experience gives a big boost to the AA of a fighter, so pilot skill has a big impact. But increasing pilot skill does not increase your gun calibre, so AA cannot be just about guns, that would imply a promotion would be followed by swapping out your puny MG's for some 20mm!

So what qualities in a plane make some planes easier to make a deadly hit with?
AD is the ability to decrease the chance of being hit
and receiving damage from hits. So not just armour, some planes are harder to hit in the first place, for example by being a small, target.
Ini is more difficult. I think of it as the ability to get the first shot in and control how and when the combat takes place, which depends on a lot of factors, but this is were climbing speed and the ability to 'hit-and-run' matter.
In my view, AA is a mix of several factors, some examples:
- good sights.
- effective guns.
- a plane being easy to aim (maneuverable) yet stable enough to be accurate. (This can be mutually exclusive)
- a plane being a good (stable) gun platform, as this increases the inherent accuracy of the guns.
Examples of factors that influence AD:
- maneuverability (ability to avoid the attacker getting a good shot)
- protection (armour, sturdiness)
- size (difficult target)
And for Initiative:
- visibility (from the cockpit)
- radar/sights that allow long-range shots
- quick climbing/diving
- speed (note that very high speed differences can decrease accuracy)
All of the above can also be influenced by tactics. At the outbreak of the war, the RAF still used very obsolete formations which they quickly changed. So early on the Germans had much better tactics, but later on the British matched those. In PzC, this would mean that very early in the war the British units should have lower stats while the planes are in fact identical...
Armament is still a big factor; but like racecars, just adding a lot of power won't always give better chances of winning. The rest of the car, the tires, brakes etc. need to be matched to the power before it can be used effectively.