2 US F-4 Phantoms intercept a Russian fighter which is clearly also a US F-4, just with a different paint job.
The term "angels" refers to altitude. This term was a good ten years out of use by this time.
The main fighter with the Navy at this time was the Grumman F-14 Tomcat (the "Top Gun" fighter). The contemporary Migs could easily outfight a F4 Phantom.
In the closing scene, Higgins uses the short term "football" when referring to American Football. A proper Englishman would NEVER use the short word "football" for this sport. In the UK, the term "football" refers to the game known as "soccer" in the US. Higgins should have used the full name "American Football".