You should perform the reaction under air-free conditions, under nitrogen or argon gas. I would worry more about water hydrolyzing and deactivating the catalyst than combustion with oxygen. Aluminum isopropoxide should have similar flammability to sodium alkoxide bases (methoxide, ethoxide, t-butoxide).

Alkylaluminum compounds are EXTREMELY flammable (trimethylaluminum and triethylaluminum will spontaneously combust on contact with air), but the alkoxides are not nearly as reactive.

Aluminium Isopropoxide (Aliso) slowly hydrolyses on contact with moisture in the atmosphere, it is not dangerous provided there is no ignition source which could ignite the released isopropanol vapour. It is often convenient to melt the Aliso (m.p. ~140C) in a sealed container under dry nitogen in an oven, once molten it will remain as a supercooled liquid at room temperature for several days. I've worked in a lab where Kg quantities of Aliso were used in this way without incident as long as the hot viscous liquid was treated with due respect. The mixed aluminium isopropoxide -secondary butoxide is a liquid at room temperature and even easier to handle, the old tradename for this was "Aliso B"

Hope this helps

Ian H