No, Wing Commander Academy doesn't show on television anymore, but that seems to have slipped past the USA Network. Their original Action Extreme Team cartoon lineup schedule is still online. It's amazing that this little page has endured, long forgotten, on their web server for a good eight years or so. It brings back many memories of waking up early Sunday morning to catch the new episodes. In case you forgot, Wing Commander Academy used to show Sunday mornings at 8:00 am (7:00 Central).
Edit:New episodes actually premiered Saturday at 11:30 am and then were rerun in the same time slot on Sunday. That page refers to the reruns, which were shown in 1997 at 8:00 am on Sundays (and which occasionally got shifted to Monday-Friday runs at the same time).