I think you are corect here. The rate of the fall id the same but the force G(mg) changes. So now we have a force puahing down on a body.

Big force=air resistance matters less since we subtract it from the force.

Smoll force=air resistance matters more, same reason.

Now ignoring air resistance for a sec, if Sazed(60kg) jumps of a building with 0.001(0.06) of his mass he won't die, the force when he touches the ground would be 0.6 N, and that is very survivable. Also intertia, small mass=ez to change your direction/velocity.

So in the end losing mass does 2 things, 1 makes you go slow due to air resistance, 2 makes you not die on impact even though you fall at the same rate as everything else.

I hope o did all of the physics correctly, would be very imbarrasing to have made a mistake. Oh boy that wouldn't bode well for my career.