There are two vertical angles that a bullet fired into the air can impact a target at all ranges except the maximum range. The one everyone is talking about, and a much more vertical one. A bullet fired 80 degrees to the horizontal, for example, would go up a long ways and return to ground, or someone on the ground. It would be mostly in free fall when it hit someone. If the bullet remained perfectly stabilized for the whole flight, the spin axis would remain angled upward at 80 degrees to the ground. That is what stability means, conservation of the angular momentum vector. Both rotational speed (RPM) and axis direction are conserved. That means that the spin axis and the direction of the bullet are greatly different in this example. The bullet would strike the person nose up at the same 80 degrees to the horizon while the bullet is moving downward at an angle nearly vertical. This would only happen if the bullet is fully stabilized. If not, it would likely tumble and strike the target in a random orientation angle. In neither case would the bullet come down with the nose forward, that is, in the direction of travel, except by chance in the case of tumbling.
Best,
Rick