While this is negligible and I can see a lot of people saying "Well who cares it's just one" if you imagine a lot of interference from a lot of baggage with them on a flight.. I haven't tested, but personally I would prefer to be safer rather than sorry.
It's also worth noting this is a de-facto rule for US domestic flights too. All carriers, switching to airplane mode is a federal requirement on U.S. domestic flights.
Edit : I found an article saying they were compliant with US but no sources.. https://thepointsguy.com/news/bag-tracking-apple-airtag/