I sometimes operate a small park train with air brakes. I think for authenticity the designer of the train went with an air system, and also because the (authentic) horn on the train needed compressed air to operate.
Additionally, since the train only goes 6 MPH, performance of the braking system isn't all that critical. The train can generally stop in about 30 feet if needed.
A quirk, the brakes set with increased pressure and release when the pressure is removed, backwards of the full size trains. Handy for us though, we can move the train in the morning without starting the motor up.
We note variations in stopping distance, wet trackage from rain lengthens it, stopping on a curve shortens it because of the increased friction through the curve, and how recently the wheel flanges have been greased (too much grease leads to a very long slide out).
The air brakes don't seem to modulate, they are either on or off, we tend to cycle them on and off to stop at a precise spot for load/unload passengers.
The fastest way to stop the train is to leave it in gear, switch off the ignition, and set the air brake. The additional drag from the motor makes for quite a difference, and the air reservoir has enough storage capacity to hold the brakes on for a minute with the engine (and the air compressor) off.
Curiously, derailing the train doesn't slow it down very fast . . .
