Let's see what actual ballistics calculations can tell us. I found this external ballistics calculator:
http://www.handloads.com/calc/
Bullet #1: Weight of 150 grains, BC of .400, MV of 2750 fps
Bullet #2: Weight of 405 grins, BC of .285, MV of 1300 fps
In both cases, I have used the following inputs for both:
-Sight in range of zero
-Sight height on zero
-Zero muzzle elevation
-10 mph wind at 90 degrees to bullet path
-Sea level altitude
-65 F ambient temperature
Maximum distance used is 500 yards with 10 yard increments
Bullet #1 traveled the entire 500 yards in 0.69 seconds and dropped 79.82 inches below line of sight.
Bullet #2 traveled 257 yards in the same time period and dropped 85.2 inches below line of sight.
It does appear that there can be a substantial difference in bullet drop for a given time between two bullets with different weights and BCs.
One other thing to keep in mind is that the effects of drag are greatly increased as velocity increases. This is why there is so little difference in drop time between a golf ball dropped 5m in vacuum and in air. Likewise, a projectile traveling at low velocity relative to a bullet, such as a mortar bomb, will have a trajectory through air much closer to its trajectory in vacuum.