A hydraulic hose used in an air system, especially at the connection between the compressor and tank, won't last as long as one will in it's normal, hydraulic, environment. That said with the air warmed as a result of being comopressed, it tends to dry the rubber out. Basically it's a natural, but speeded up, form of dry rot that we see everyday. As far as the hose from the compressor to the tank, where thee air leaves the compressor is the hottest spot in the syste, As a result that hose will dry rot faster there than if it were to be used anywhere else in the system.
If your looking to replace it, they do make hose that is designed for the conditions a hose will see in an air system, including the heat from the air coming off the compressor. The problem with those types of lines is that they are relatively expensive as compared to a normal hycraulic line. Thing is I've heard they do last longer, but I've also heard that for the cost of one of the proper hoses you can usually buy several of the standard hydraulic hoses as the need arises.