I realize that gravity is a constant but I also believe that in actual "air" here on earth, the fletchings act almost like a wing and will "plane" through the air and thus either through lift or drag (take your pick) will have an effect on the arrow flight. Yes, I do realize that due to offset and or helical, while one fletch is lifting, another is diving which is what gives us rotation but sheer air resistance will hold the back end of the arrow higher than the front due to surface area differences.
Initially, the fletches are almost holding the arrow point back. That is, they are being drug through the air by the heavier point end. As the arrow looses speed, drop becomes more evident even though gravity is constant. As an arrow slows down it appears to fall faster but really it's just not going as far in the same time. Depending on the FOC, the arrow may drop "level", or it may drop nose first because of the difference of surface area and air resistance. A balanced arrow should drop fairly level but one with a heavy point will drop more tip first. Since virtually ALL functional arrows are heavier in the front than the back, we are used to seeing them drop point first but if the balance were farther back, they could be made to land flat or even tail first.
In extreme high FOC arrows, the balance point is nearly at the back of the head so the fulcrum is right up there too. When speed is sufficient, it'll drag the tail of the arrow level behind it but as speed drops, the balance point becomes the "heavy spot" and will start to fall while the lighter tail kinda "floats" due to lesser weight and greater drag. This is the point at which I think the heavy point will start to drag the arrow down suddenly.
I'm willing to concede that it may be an optical illusion though because it might just be a matter of the arrow "appearing" to be pointed down as opposed to a more balanced arrow that might be dropping at the same rate but you still just see that spinning ball of feathers and not the shaft taking a nose dive. I've never tested side by side with equal weight arrows of different FOC's. I honestly don't care enough to bother. I like the way cedars fly for me, I think carbons are amazing to shoot. In practice, I'll shoot either but if given only one choice, I'd pick the cedars just because I like 'em and they're certainly good enough for what I do.