I cut airlayers as soon as I have roots. I litterally have taken junipers with a single 5 cm root and potted them up. MOST important is aftercare. They are effectively large cuttings at that point. So they need to be potted up without hurint the roots, which for many people seems to be impossible (It comes down to wiring the plant into an empty pot, free from all the sides so it cannot move, then filling the pot up with substrate). Then placing it in a location with some early morning sun, no wind. And lots of moisture around the plant.
So.. Long answer short: you can separate once roots have formed. The more roots have formed, the less risk of it dying on you due to a careless act like forgetting about it, or tipping the pot over or moving the layer against the substrate.