Correct. The easiest way to think of this is the horizontal and vertical motions can be considered independently. In a level shot, the bullet will leave with a certain velocity and slow (decelerate) gradually as drag slows it in the horizontal direction. At the same time it will drop due to gravity, accelerating under gravity (with a slight drag force reducing the acceleration). It will reach the ground in the same time it would take if you just dropped it. The total distance it travels depends on the muzzle velocity.
If you aim it up or down, the acceleration of gravity adds to the initial vertical velocity (up or down). (That will be the muzzle velocity times the sine of the angle of the shot). Aiming it up or down changes the time it takes to fall to earth via gravity and, as a result, the total horizontal distance covered.