If fired level. Scoped rifles aim bullets “above” the bore line. A rifle zeroed at 200 wards and fired level will have the bullet rising out to 100 yards or so, and dropping onto target.
And what is the loss of velocity component due to that 1-2” rise in elevation vs the loss in velocity due to aerodynamic drag? I remain convinced that at distances up to several hundred yards, it is negligible to the point of not even being in the equation.