It doesn't matter if the air is hot or cold, high pressure or low pressure, the air itself has close to no strength to support anything. If air could support stuff, things wouldn't fall if you drop them. What pressurized air can do is exert pressure equally in every direction. Inside a tire and wheel assembly, pressurized air is doing just that. It it pushes against the tire, the rim and everything it touches with equal force in every direction. It pushes up, & down, (against both the tire and the wheel) and every version of sideways. The more pressure, the more force. As the pressure is increased, the tire itself becomes so rigid that it can't flex because of that pressure pushing against these surfaces. The tire becomes so rigid it will support a vehicle without collapsing.
Another way to look at it is that the compressed air is pushing upward against the wheel with the same force that it is pushing downward against the tire/ground contact point. If that up/down force created by that air pressure exceeds the downward force exerted by the vehicle due to gravity, and the sidewalls have enough rigidity to not fail, the vehicle isn't going to sink toward the ground.