Combine pineapple preserves, vinegar, and red pepper flakes in a small saucepan. Bring to a simmer. Keep warm.
Stir together flour, salt, baking powder, and water in a medium bowl. Let sit 15 minutes.
Combine Panko crumbs and coconut in a pie plate. Stir to mix.
Dip shrimp in batter and then press into coconut mixture. Spray both sides of shrimp with cooking spray.
Working in 2 batches, Air Fry shrimp at 400 for 8 minutes, flipping halfway through.
Serve shrimp with pineapple sauce