Air resistance in the direction of travel is huge. So air resistance to horizontal movement is significant especially at high speeds around 2000 fps. Gravity is not in the direction of travel. There is no difference, as you acknowledge, in time to drop a given distance for a bullet fired from a gun and a bullet that is just dropped. Air resistance for the dropped bullet is negligible over a drop distance that we are talking about here. That is why air resistance does not affect the time required for a bullet to drop such a short distance.
Gravity is not in the direction of travel. What!?

Gravity is downward toward the center of the earth. The ricocheted fragment has a downward component right from the time it leaves the Elm Street surface. That downward component increases over time. Especially in the second half of the calculated trajectory (parabolic curve). So I think that you are just plain wrong.
Some information from “Modern Practical Ballistics” by Arthur J. Pejsa:
Back in the 1730s Benjamin Robbins invented the ballistic pendulum and showed that the drag force (air resistance) is fifty to one hundred times as great as the force of gravity. Additionally, at speeds approaching the speed of sound, there is a rapid and dramatic twofold to threefold increase in air drag; between approximately 1000 and 1200 fps, air drag is found to increase with about the fifth or sixth power of the air speed rather than with the square, or second power as it does at lower speeds. This is the infamous “sonic barrier” we hear of.
I am currently building and experimenting with a DIY ballistic pendulum. So far, ~30-degrees ricochets off of a concrete surface appear to retain the vast majority of their initial velocities. This agrees with the results of the high speed filmed 30-degrees ricochets that I included screenshots from in my report. You can search and find and watch that video on YouTube if you use the information at the bottom of the last screenshot. They show the various penetration depths of the various angle ricochets in ballistic gel.
I intend to continue to study and learn more from Pejsa’s book and my experiments. So far I have to disagree with your assessment and claims based on what I have learned so far. Again, I do appreciate your input it tends to give me incentive to learn more about these things.