There isn't a simple answer to that. What I know about applies to the European theatre, I don't know about the Pacific (although I would be surprised if it was much different).
Fighters started out with 40% M2 AP, 40% M1 incendiary and 20% tracer. After a while they found that tracer wasn't worth it in air-air combat as it gave the enemy warning of attack, so they went to 50% AP and 50% incendiary. In April 1944 the M8 API was introduced (based on a Russian design), and this replaced almost everything else and remained in service for as long as the .50 aircraft gun did (i.e. into Korea). This was basically an AP with some incendiary material in the bullet tip. However, the M23 incendiary also saw some use in 1945, it was lighter than the M1 but contained far more incendiary material, this was felt to be useful as the Me 262's jet fuel was harder to ignite.
I'm not sure what bombers used initially, but although they also switched to the M8 (they had found that the incendiary couldn't penetrate to a fighter's tanks from in front, while the AP could penetrate but wouldn't set light to them) they kept the M2 AP for longer in front turrets, for dealing with head-on attacks, and also kept tracers which had some deterrent effect. They even developed a special tracer, the M23, which could be clearly seen from in front, just for that reason.
For ground attack, both tracers and APs remained in use.
Tony Williams: Military gun and ammunition
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