No, Gravity's effect is (almost) constant. It accellerates any body near the Earth toward the planet at 9.8m/s^2, all the time no matter what.

The air resistance (drag) is the variable force, which provided the shape and orientation of the object doesn't change relative to the airflow, increases exponentially with the velocity of the projectile. In other words, the faster the bullet goes, the more resistance the bullet encounters. When the bullet is going faster than terminal velocity, the drag force the bullet is encountering is greater than the force of gravity, so the NET FORCE, causes the bullet to slow down even though it's falling toward the ground (think: parachute). However, as the bullet slows down, the drag force it encounters decreases as well, until eventually the force of gravity and the force of drag exactly match each other in equilibrium. At that point the net force on the bullet is ZERO, and the bullet continues to fall at a constant (terminal) velocity. Stated differently, in equilibrium (terminal velocity) the force of gravity and the force of drag exactly cancel each other out. Since an object in motions tends to remain in straight line motion at a constant velocity unless acted on by a net force not equal to zero, the bullet, in the absence of a net force, continues to fall at its constant terminal rate unless there is a change in the system that causes the net force to be something other than zero.

Mike