Make the dough: Combine water, butter, sugar, and salt in a medium saucepan over medium heat. Bring to a boil, then remove from heat. Stir in the flour until a smooth ball forms.
Add the eggs: Let the dough cool for 5 minutes, then beat in the eggs one at a time, followed by the vanilla extract, until fully incorporated and smooth.
Pipe the churros: Transfer dough to a piping bag fitted with a large star tip (1M). Pipe 4–5 inch strips directly onto a parchment-lined tray or directly into your air fryer basket.
Freeze briefly: Pop the piped churros in the freezer for 10 minutes — this helps them hold their shape while cooking.
Air fry: Preheat your air fryer to 375°F. Lightly spray the basket with cooking spray, then add churros in a single layer without touching. Air fry for 9–11 minutes, flipping halfway, until golden brown.
Coat immediately: While still warm, roll churros in the cinnamon sugar mixture.
Make the chocolate dipping sauce: Microwave chocolate chips and heavy cream in 30-second intervals, stirring between each, until smooth and glossy.
Serve warm with chocolate sauce and enjoy!