Nope, 'air friction' or drag only exists if the object is moving relative to the medium, and thus this doesn't explain why things float (let's say an object is moving downwards, the drag force will only slow it down, but not cause it to move upwards).
They float due to upthrust ie net upwards force due to
pressure differences acting on the different surfaces of the object. If the upthrust on the object is greater than or equal to the weight of the object, then it floats.