Certainly you're correct with regard to the magnitude of drag, but the example I gave shows the drag profile of Beger's #24530, which is an almost perfect form factor match for G7, can be accurately predicted using a G1 BC, and thus, the G1 standard bullet at velocities above Mach 1.2. The magnitude of the drag is taken into account by the BC value.
If long range shooters intended to shoot at ranges where their bullet velocity drops into the transonic range, then the G7 BC is a better match. Having asked how shooters determine a load's maximum range in another topic, it seems most shooters like to stay above Mach 1.2. In that case the G7 BC is no better a predictor of trajectory than an equivalent G1 BC as the drop numbers show.
Back when standard bullets were first being introduced around 1875 muzzle velocities were half what they are today, so much of the useful range was in the transonic and subsonic velocity range where the bullet's shape not only determines the magnitude of drag, but the drag profile as well. With modern rifles where the useful range is at supersonic velocities, the drag profile, and thus, the standard bullet an actual bullet is referenced to is nearly irrelevant. Ken Oehler's 2007 Shooting Times article demonstrated this using the G1, G5 and G7 ballistic coefficients.
