Seems this question has few facts and studies. There are terminal velocity calculators. Somebody calculated the decent of the 22 long rifle round and got an answer 100s too fast to be realistic. (I tried, took a while to convert all the values needed to plug in.) It yielded that a 20gr .172caliber bullet would fall at 65fps; unrealistically low to me. Lots of stories of firing a heavier round with resulting injury or death.

Another great unknown; does a .17 fired at 45+degrees travel an arch with the pointy end remaining forward? Some studies conclude that the 9mm & 30.06 rounds swap ends, perhaps during the transition from sonic to subsonic speed (1100fps) or fall sideways such as a human body tends when you spread your limbs skydiving. The wider base is heavier on a polymer bullet. Do .17s keyhole targets beyond 300yds?

Sigh