Many thanks to everyone who took the pain to investigate, comment on, and clarify this issue. Please correct me if I'm wrong:
Number of aircraft in the package (here: WAW) only affects initial loading speed of the game.
Game performance is affected by the number of activated aircraft only. Those which are remed out in the air.ini do not count, as they are not loaded.
Each aircraft entry counts only once, contrary to what Chupa hypothesised, and it doesn't matter whether it's a duplicate or something of the kind. I understand that it's a pure Java issue which affects all game versions.
Up to an N number of loaded/activated aircraft the game performance is not affected. N depends on the individual PC, being lower on weaker rigs and higher on stronger rigs. Motherboard speed and CPU power are the main factors which limit how many planes one can have without FPS loss.
Based on HSFX, I can say that 580 entries in the air.ini are still okay for a weak PC with a single thread performance benchmark of 890. Chupa's solution with reduced 'period' and 'theatre' air.inis should theoretically make WAW playable for all.
What I still don't understand:
I have a weak GPU, so that I have to reduce screen resolution to be able to play the stock game and HSFX with maxed-out graphic settings. I have decent framerates there, never dropping below 25.
The same trick doesn't work for WAW. Tuning down the graphics further on doesn't help considerably, even with an air.ini reduced to 520 entries. Behind the air.ini issue there seems to be another one, possibly related to particle effects, maps, textures, and objects.
Is there any theoretic chance that reming out maps and objects would bring back FPS the same way as it does with aircraft?