If you’ve ever been in the water you might have noticed that things tend to fall much slower than in air. But more weirdly is that they don’t seem to speed up! This is because the terminal velocity of objects in water is typically reached rather quickly.
For the second part of your question the weight of an object doesn’t matter as much as its density. A rock will fall but a battleship will float. In a way you might think of objects that float in water as having a negative terminal velocity, they want to rise.
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