Yes, there is.
Guns are just converted native crossbows, go play native, do the crossbow bolts drop? Yes.
The bullets are exactly the same. The bullets are a real projectile you can sometimes see, they just changed the bolt model to a bullet.
However you can set the speed at which they fly through the air, so with a higher speed it will hit the ground further away.
You can also set the strength of gravity but it isn't changed in NWs.