Yes velocity does affect inertia because the faster the velocity and speed the more force it takes an object to stop.
Inertia pertains to anything that has mass and the faster you accelerate the more velocity you have and the more force it takes to stop that object.
Light does have inertia because light is produced by energy which energy also has mass.
Anything that has mass does have inertia which light and energy does have.
Air also has inertia just like light and other objects.
Air does have inertia since air has mass.
Anything that has mass which includes air does have inertia.
The inertia of air is that While speeding up, the air tends to remain at rest and gathers at the back.
Inertia is a force.
Inertia is a force that keeps stationary things and objects at rest and inertia keeps moving objects in motion at constant velocity.
Inertia is also the tendency of all objects to resist motion and ultimately stop moving.
The inertia is the resistance of any physical object to any change in its velocity.
Inertia also includes changes to the object's speed, or direction of motion.
And an aspect of this property is the tendency of objects to keep moving in a straight line at a constant speed.
In physics Inertia is a property of matter by which it continues in its existing state of rest or uniform motion in a straight line, unless that state is changed by an external force.