Apple claims that the poor Mono 8kHz quality which affects recording and indeed simultaneously playback on Mac when the AirPod microphones are activated is because the SCO codec then gets employed over the entire Mac audio system. This is supposedly "expected behavior" when trying to use the AirPods and other Bluetooth headsets together with a computer, according to Apple.
The AAC codec is normally used when just listening to playback on the AirPods. It's just very unfortunate that SCO – low-quality as it may be – upon AirPod microphone activation is not only limited to recording but also displaces AAC and audio playback.
Apple Support claims that Apple is looking at this issue and that improvements might be coming in future firmware updates, but I did not interpret that as a promise, to be honest. But for the time being, I'd say that the benefits of making calls and so forth with AirPods on Macs are quite limited.
Current best practice is to use the Internal Microphone for Recording, and the AirPods for playback when conducting calls. Input and Output devices can be selected in System Settings > Sound or by ⌥-clicking the Volume icon in the macOS Menu Bar, and selecting devices there.