I had both to compare them, the Rab Alpha Flash and Nano Air/Light Hoodies. There are a couple of threads related to this topic, e.g.:Â https://backpackinglight.com/forums/topic/polartec-alpha/
Note, there, Richard doesn’t recommend Alpha Active Insulation to backpackers, but if I remember correctly there were not too many options without a shell available at that point.
Another issue is the warmth, it’s probably way too warm for normal backpacking – although I’m not sure if there are different weights available (again naked) by now.
From my point of view it doesn’t make any sense to directly compare these options. The nano air is like a naked alpha jacket with a fixed windshirt on it.
I use the Alpha Flash mainly for winter ski touring in the Alps at night. Although it is very warm, due to the very loose fabric there is a lot of air circulation. If I’m static I just add a windshirt and it’s very warm.
I also sometimes use it if I’m less active and expect wet weather (snow/cold rain) instead of down or a different fleece.
Comparing it to the Nano Air variants is pretty straight forward: The Nano Airs are convenient. You don’t have to bring a wind shirt, it looks much better, etc. But since the shell is fixed, it won’t dry as fast and you don’t have the versatility of a separate windshirt (or rain shell, or whatever).
It’s a typical softshell. I liked to wear it in everyday scenarios, biking, etc – it feels and looks nice, great climate – if the conditions are right.
I consider the combination of a naked alpha jacket + shell more technical. The durability is much much lower as the fabric is not protected and quite “fuzzy”, but you can’t beat the versatility with these (endless) possibilities to combine layers.