I'm not 100% sure and would defer to the physics experts, but I think the golf balls will fall at the same rate (assuming the same balls because they will have the same weight, size, and dimple pattern - thus drag would be identical). I don't think spin would be able to change the drag occurring during the fall. I could very well be wrong though and am open to that and would love to know why.
Edit:
Maybe the "appearance" you talk about has to do with the fact that that you aren't able to see the depth that the ball is moving away from you more with the lower spin, since it (from my understanding) can travel further. So the ball with spin might peak and fall with less of a horizontal component after the fall begins and from the location of the swing that appears to fall quicker than the ball with less spin that falls at a less steep angle.