Install as non-admin user when the installer requires admin permissions
Drag-drop installs can go to an Applications folder at the root of the user's home folder and function without issue, but Adobe has been known for needing hooks in various parts of the OS. For example, a cursory overview of that package shows it wants to install certificates, the flashplayer plugin if not already present, etc.
Conceivably, if you could 'snapshot'(using fsevents/dtrace/packaging tools like packagemaker or Composer, etc.) the installation in a VM and track down all the files it sprays on disk, and relocate those wherever applicable to the user folder on your system, AND the Air runtime and App in question could run without failing due to expecting to see resources in hardcoded directories....

In other words, magic 8-ball says 'highly unlikely'.