Preheat your air fryer to 375°F (190°C).
In a small bowl, mix the softened butter, garlic powder, dried parsley, salt, and pepper until well combined.
Spread the garlic butter mixture on one side of each slice of bread.
Place one slice of bread, buttered side down, in the air fryer basket. Top with a slice of cheddar cheese, a hot dog, and another slice of cheddar cheese.
Cover with another slice of bread, buttered side up. Repeat with the remaining ingredients to make additional sandwiches.
Air fry the sandwiches for 5-7 minutes, flipping halfway through, until the bread is golden brown and the cheese is melted.
Remove from the air fryer and let cool for a minute before slicing in half. Serve warm.