I always thought that bullet design was to keep it in the air longer AKA aerodynamics.
They don't stay in the air longer due to aerodynamics or coefficients of friction aka "Ballistic Coefficient" at all.
Let's compare apples to apples for a minute. Two .30 caliber bullets. One is a boattail spitzer, and the other is a plain based, round-nose bullet. Both bullets exit at the same velocity, and...if they're fired at the exact same instant...both bullets hit the ground at the same time. The boattail bullet will travel farther because it sheds velocity at a slower rate, so it's ahead of the round-nosed bullet when they hit the ground simply because it outruns it...and it's further downrange for a given unit of time in the air.
While there may be a difference in vertical acceleration between the two different bullet shapes...it would be so infintessimal that it would be of no practical matter.
Step up to two bullets of identical ballistic coefficient...but one is heavier than the other. If both bullets are fired at the same instant, and the exit velocity is identical...the heavier bullet will shed velocity at a slower rate due to its greater momentum, and it will outrun the ballistically identical, but lighter bullet...and they'll both hit the ground at the same time again.
Two identical bullets in every way...but with 500 fps difference in muzzle velocity. The faster bullet will travel farther than the slower one...but they'll hit the ground at the same time. One will just be farther downrange when it hits.
So, it's not a matter of dwell time in the air. It's the flight time to the target...the amount of time that gravity has to act on the bullet...at a given range that determines the amount of drop.