Let's think of this another way. If I drop a bullet into water, it will hit the water and begin sinking. If I fire the bullet into water, it will surely travel deeper before slowing to its terminal velocity, assuming that's the correct term for a sinking object in water.

The same is surely true of a meteor. A faster meteor will surely penetrate the atmosphere more than a slower one of equal size and density before slowing to terminal velocity. Am I wrong?