The panic report is not extremely helpful this time around.
You do NOT have any 3rd party kernel extensions (the most common case of kernel panics; so we cannot blame another software vendor).
The kernel backtrace says the code was in the graphics driver talking the integrated intel graphics. The integrated intel graphics are rather reliable, so it is not often any problems are attributed to them.
Sometimes the "kernel trap" is associated with 3rd party RAM, but the Macbook Air does not have replaceable RAM, and besides, it looks like you have original Apple provided RAM. The Apple provided RAM also tends to be reliable.
I think you are on High Sierra (based on the version in the panic report; and supported by this post being in the High Sierra forum). I do not know of any serious issues with High Sierra related to the intel graphics.
Basically the panic report does not have any smoking guns that point the finger at any specific component in your Mac.
If you are getting these panics on a regular basis, then it is possible you have an internal motherboard failure.
This is the "Chicken Soup" recommendation, as in "It Couldn't Hurt"
You should also try an SMC reset and an NVRAM reset
Reset the System Management Controller (SMC) on your Mac - Apple Support
How to reset NVRAM on your Mac - Apple Support
Boot into Safe mode, as that will clear the kernel caches, just in case there is something wrong with some cached code:
https://support.apple.com/guide/mac-help/start-up-your-mac-in-safe-mode-mh21245/mac
Run the Hardware Diagnostics
https://support.apple.com/en-us/HT202731
https://support.apple.com/guide/mac-help/diagnose-problems-mh35727/mac
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Boot holding Option-D to get the More Extensive (updated) Diagnostics from Apple via the Internet.
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Boot holding D key to get the built-in diagnostics which may be out-of-date.
You could try re-installing High Sierra over top of the current install, just in case a kernel file got mangled (don't know how, but this is the "Chicken Soup" approach). You SHOULD have a good backup before taking this step. While re-installing the current version over top of itself should not damage anything, it is also a procedure that should anything go wrong could result in loosing your data. So make a backup if you decide to go down this route.
Finally, there is taking it to Apple so they can run more extensive hardware diagnostics.
I'm sorry I could not give you a more definitive answer.
