Not true, they would hit the ground at different times and the difference would be due to their mass.
Nope, they would hit at different times, but not because of their mass, because of the difference in air resistance. Acceleration due to gravity is 32ft per second, regardless of mass. But greater air resistance will cause one to fall slower.
If you take to objects, with differing mass, but equal air resistance, they will both fall at the same speed. If you have a 500 pound weight, and a 50 pound weight, and both have the same air resistance, and you drop both from the same height at the same time, they will both hit the ground at the same time. Acceleration due to gravity is the same for both. Drag due to air resistance is what would make one fall faster.
Now, let's say these two weights are airplanes with identical aerodynamic characteristics. The 500 pound airplane and the 50 pound airplane both dive straight towards the ground. As long as they have identical drag, they both dive side by side at the same speed. Now they pull out of the dive (not crashing into the ground, like I normally do

). The 500 pound airplane will have much more energy, because of its greater weight. Cut the throttles, and go into a climb, and the 500 pound airplane will go much higher, because it's greater weight gives it more energy to use in the fight against gravity.
Now, in level flight, or even a turn fight, the lighter plane can have the advantage because it's engine can push it faster.