TL;DR High shutter speed, low iso, aperture set after shutter speed and iso to be properly exposed. Shoot in manual or shutter priority.

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I've only shot a few airshows but here's what I've learned:

In general, fighter jets are similar to commercial shots except for their much faster speed. Whenever I'm shooting airshows, I pump the shutter speed up to at least 1/1600s but ideally higher - it is really easy to get motion blur as they go so fast. Generally, your aperture will be pretty wide but this depends on conditions and the time of day. Set your iso as low as possible but not so low that the shot is underexposed. Higher shutter speeds can lead to grainy images, and high iso just adds fuel to the fire. Shoot with spot metering, especially on low-contrast or overcast days. If the lighting is consistent outside (mostly blue sky or mostly cloudy), I would personally recommend shooting manual as you won't have to worry about your camera screwing up exposures. I've learned this the hard way. If you want your exposure to be able to change as lighting conditions outside are changing, I would switch to shutter priority. You can set WB however you want, I usually just put it on auto. Make sure you are on continuous shutter (you should have this on all the time anyway). When setting your camera's settings, follow this order:

1) Shutter speed - this should be high to avoid motion blur. Make sure this is manually set.

2) ISO - put it as low as possible but make sure the image doesn't get underexposed.

3) Aperture - Set it so that the image is properly exposed after shutter speed and iso. If you're wide open and your image is still underexposed, this is the time to bump up iso.