The distance the muzzle moved the moment the bullet exits the barrel is therefore the same as for the slower bullet of the same mass.
I worked up a simulation awhile back when this question came up and as nearly as I can tell two identical bullets with different velocities from the same gun will result in the muzzle being elevated identical amounts at bullet exit.
I'm suggesting that 2 loads using the same bullet but different powder charges will hit the same POI, despite the difference in velocity & time-in-barrel.
The fact that the muzzle is elevated at the same angle due to recoil, does not mean that the two bullets will impact on the target in the same place. That's because there are other issues that affect bullet impact point. Muzzle angle at bullet exit is not enough to provide the whole picture by itself.
Besides muzzle angle at bullet exit, you also have to take time of flight into account. And there's another contributing factor as well.
The recoil also imparts an upwards velocity to the muzzle. In other words, the muzzle is not only
pointed upwards at bullet exit, it is also
moving upwards. The heavier load makes the muzzle move upward at a faster velocity. Therefore it imparts not only a more arced trajectory by virtue of being pointed upward, the actual upward velocity of the muzzle also imparts an upward velocity on the bullet.
In the case of identical bullets fired at different velocities from the same gun, the bullet traveling faster will hit higher on the target for two reasons. It has less chance to fall while traveling to the target and it was also "slung" upwards faster by the faster muzzle rise at the point of bullet exit.
It's not a lot of difference though for practical cases. For example, running the simulation on a 115gr 9mm bullet from a typical polymer full-sized handgun with 1200fps and 1000fps muzzle velocities yields about .7" of POI difference on the target at 25yards.