Preheat the air fryer to 375°F (190°C).
Spread butter on one side of each slice of bread.
Place 4 slices of bread, buttered side down, in the air fryer basket.
On each slice of bread, layer a slice of cheese and a hot dog.
Sprinkle garlic powder, onion powder, and parsley on top of the hot dogs.
Top with the remaining slices of bread, buttered side up.
Air fry for 5-7 minutes, or until the bread is golden brown and the cheese is melted.
Carefully remove from the air fryer, slice in half, and serve warm.