Actually, starting speed being relatively equal, the arrow from a vertical bow will fly further and have a flatter trajectory due to it's much greater ballistic coefficiency. Crossbow arrows fall to earth sooner because they are heavier and shorter (i.e. lower ballistic coefficient).
Each archer should establish and comply with a personal ethical shooting distance, based on both their proficiency with the bow they are using and the target involved. My outside shoot-to distance on deer is 40 yards, generally speaking its well under 25 yrds.