Presuming you mean a display of aircraft flying (as opposed to static display of aircraft on ground)
The 100-400 IS seems to be the lens of choice for Canon users. I know it is mine. At a recent air show, all but one of the Canon users in the media platform were using 100-400 lenses, the exception was using a 400 prime.
The reason I prefer the 100-400 for air shows is that the push-pull design allows for very rapid zoom, which comes in handy when the planes are zooming past the spectators and photographers. It is much easier to pull in and then pull out, then twist right then twist left, especially since I would need to readjust my hand to get full range of zoom with the twist (maybe I hold it wrong).
Also, the extra range comes in handy over any of my other lenses.
I will admit I have not used the Sigma 50-500, although I did see one Noink user with one, but he wasn't very talkative.
BTW: if you meaning a static display, then just use the same lenses you would use for portraits.