Alright I found the other solution unhelpful when I was trying to complete this level. (No offense meant artyman60).
First off I had no idea that there was double controls for the plane:
Shoot: A or RT
Boost: X or LT
Brake: B or LB
I was getting extremely frustrated using A button to shoot and after much frustration I discovered the Triggers worked. I recommend holding RT down and using LT to boost when needed and using B to brake. Make sure your crosshairs are aimed inside the enemy plane's circle and it turns red, otherwise you won't be doing any damage.
You will have to fight through 3 waves of enemy planes (increasing in number 3, 4, 6), then you will have to face the Blimp. While doing all of this you will have to destroy all enemies before Russel falls from the house.
For the planes I recommend getting behind and shooting away. A head to head shootoff is a good way to crash. As for the Blimp I recommend boosting all the way to the back of it, then holding down B to brake and fire away at the propellers/engines, coasting alongside the blimp.
When all 10 propellers/engines are destroyed the level ends with a cutscene. Congratulations!