Yes, you can control your motorcycle in midair.
[Ctrl] key: Leans the motorcycle forward.
[Q, E] key: Q leans the motorcycle left and E leans it right.
[Space bar]: Leans the motorcycle backwards.
If you lose control of the motorcycle in midair and it spins around, you can use the above keys to control the motorcycle and land safely.
If you fail to land safely, the motorcycle can explode which will give you a great damage in HP.