Would the 2 air forces cancel each other out?
Yes, most likely. Airpower needs breathing space to be really effective. In a WWIII scenario, there would have been no long campaign before the land war in which the air forces could slowly soften up the defenses and whittle away the threat... it would have been an immediate dive into a colossal air battle. By the time NATO had managed to win this, if it won this, the ground war might well be over.
The whole joke about a Soviet general in Soviet-occupied Paris asking another who won the air war was well known even during the Cold War for a reason...
Raw numbers are only the roughest guide; numbers of sorties is the 'product' of airpower and Western airforces have consistently shown availability of ~90% in wartime conditions whereas Soviet/Russian availability was around ~50-60% and India was able to achieve ~70% with Soviet/Russian aircraft.
Even assuming such numbers are true, and when I look into them they often aren't with the sortie rates the Soviets managed in Afghanistan are pretty comparable with that of Western air forces, that still brings the WarPac roughly about level with NATO.
But as I noted, your numbers don't seem to be true. In the Iraq War, American Carrier Air Wings managed an average sustained sortie rate of just over one sortie per aircraft per day. Similarly, in Afghanistan in 1982 the VVS managed a average sustained sortie rate of just under one sortie per aircraft per day. The difference is marginal.
Quality is another key factor in air power and the Soviet fighter pilots in the 80s tended to fly only about 70 hours per year compared to 180 hours of a 'C' rated NATO air force for 250 hours for the better ones such as the RAF and ADLA.
Eh? Most Soviet pilot training in the early-80s was in the 200 hour range... give-or-take 50 hours, depending on the regiment.