Let $(\mathfrak{A_m})_{m\in\mathbb{N}}$ be a sequence of structures in $\mathcal{K}$ for which we also know $\mathfrak{B}\equiv_m \mathfrak{A_m}$
I am not sure if I can say it like that but if I take a sentence $\psi\in\Phi$ then $\psi$ has finitely many quantifiers, say $m$. And because $\mathfrak{A_m}\models\Phi$, $\mathfrak{A_m}\models \psi$ (?). And therefore since $\mathfrak{B}\equiv_m\mathfrak{A_m}$ we have $\mathfrak{B}\models \psi$. And because we can do that for every $\psi\in\Phi$ we get $\mathfrak{B}\models\Phi (?)\Rightarrow \mathfrak{B}\in \mathcal{K}$. Is my proof correct? I am unsure at certain parts I marked them wih (?) - would be helpful if someone could explain me why I am allowed to say this.
If not is this proof correct?
Assume $\mathfrak{B}\notin \mathcal{K}$ then there must be at least one $\psi\in\mathcal{K}$ such that $\mathfrak{B}\not\models\psi$. If $\psi$ has $m$ quantifiers then $\mathfrak{A_m}\models \Phi$ by assumption and thus also $\mathfrak{A_m}\models \psi$ and then also $\mathfrak{B}\models \psi$ which is a contradiction.
What do you think of my proofs? Can I really say that given an axiom system $\Psi$ and a model $\mathfrak{A}$ for that axiom system then $\mathfrak{A}$ is also a model for every sentence in the axiom system?
Okay, so regarding your first proof...
So your first proof is fine.
With respect to your second proof, I'm assuming that instead of "$\psi\in\mathcal{K}$" you meant "$\psi \in \Phi$". After stating that $\mathfrak{B}\not\models\psi$ I would be slightly more picky and I would continue the argument as follows:
"Since $\psi \in \Phi$ and $\mathfrak A_m \in \mathcal K$ for all $m \in \mathbb N$, $\mathfrak A_m \models \psi$ for all $m \in \mathbb N$. In particular, if $\psi$ has $k$ quantifiers, $\mathfrak A_k \models \psi$, and since $\mathfrak A_k \equiv_k \mathfrak B$, we have that $\mathfrak B \models \psi$, contradicting $\mathfrak{B}\not\models\psi$."
See the difference between the above and your proof? I have used the same information, but I've been painfully pedantic and I stated precisely where I have used each bit of the given data. I also have changed the letter I used to denoted the number of quantifiers of $\psi$ to not mix it with the indexing letter ($m$ in this case).
To finish this and answering your last question: yes, a model of an axiom system is a model of each sentence of this axiom system, by definition of model of an axiom system.