For the same color I will go back in as little as two to three minutes. So I can put on several coats with one airbrush session. If the color is used on several surfaces, by the time I get a coat on all surfaces, I can go back and put on another (and maybe even a third).
If I am changing color then it depends on whether I am doing flats or gloss, and whether I have to do any masking. I use enamels, which dry quite slowly, especially the gloss enamels. I let flats dry several hours, gloss overnight unless I need to mask, and then I let it dry for at least 24 hours even in my heated drying box.