My 02 reads about the same, 50* over air temp. It is a thermistor, so the greatest resistance change is when it's cold. A few degrees change when it's hot doesn't matter much. The ECU seems to mainly use it for cold startup. A few years ago I played with changing the amount of resistance, to make it think that it was at a different air temp then it was. It did change the timing a few degrees (max of 7 if I remember correctly), but not enough to really care about. The biggest function it seems to serve is for the ECU to tell if the heater grid works. If it turns on the heater grid and doesn't see a rise in intake temps, it will set a code. On the 3rd gens, it uses the drop in battery voltage to see if the grid is working. It also uses it to tell how long a time to cycle the grid on. It uses coolant temp though to see if the grid should come on at all.
This is how it works on my 02 anyway. Different years maybe different.
Paul