I agree. Certainly the armor penetration appears off. I have tried to find ballistics tables for velocities of the .50 and 20 mm, but have been unsuccessful to my satisfaction. If the velocities are near correct, then so are my calculations, if they are not, then neither are my calculations.
Ballistics tables are going to vary by projectile in each caliber. I have a few old figures. For a 753gr. BT projectile with a Mv of 2900fps(?) the times of flight to 600yds. and 1000yds. Are given as 0.72 and 1.32 seconds. Angle of departure is given as 14mins and 30 mins for the two ranges. Remaining velocity is given as 1950fps and 1575fps.
For a 20mm projectile of 2000gr. And a MV of 2750fps (?) the corresponding figures are: Time of flight, 0.84sec and 1.71 sec. Angle of departure, 17 min and 42 min. Remaining velocity- 1650fps and 1210 fps.
The longer the range the better the .50 looks but at practical air to air ranges in WW II or Korea the difference in flight times or trajectory between the US .50 and the 20mm Hispano are less than the difference between various 20mm guns used by different nations or less than the difference between the the US .50 and some 12.7-13 mm machine guns.
According to Tony Williams the Germans did some tests and found that the .50 slowed down by about 15 percent at 300 meters and 29 percent at 600 meters. The HS 404 HET shells slowed from 880 m/s to 675 m/s at 300meters (23 percent) and to 500 m/s at 600 meters (43 percent).
For comparison the German 7.92 slowed by 57 percent at 600 meters while the 13 mm slowed by 55 percent. The 20mm mine shell fired by the MG/FFM slowed 60 percent, the 20mm HET (117g) slowed 41 percent and the 30mm mine shell from the MK 108 slowed by 47percent. The 15mm MG 151 was one of the best at 39percent.
The drag on a projectile does vary with the speed of the projectile. As the projectile slows down the drag falls. While doubling the sped will quadruple the drag ( in theory) once the speed falls to the original speed the drag will fall to the original drag.
The difference between percentage of velocity loss and flight time should be noted though. While many of the German rounds seem to show good velocity retention they started out at lower velocities and so had lower drag at the beginning of their flights. Time to 600 meters (compared to 600yds given earlier) being about. 1.16 seconds, 1.22 seconds, 1.43 seconds, 1.10 seconds and 1.66 seconds with the 15 mm MG 151 coming in at 0.816 seconds.