Gravitational force acts on all objects in proportion to their masses. Why then, a heavy object does not fall faster than a light object?

Weight of an object on surface of earth = mg
Where , m = mass of the object
g = acceleration due to gravity
Gravitational force on the object, F = GMm/r²
Where
G = Gravitational constant
M = Mass of Earth
m = mass of object
r = distance between object and earth i.e. radius of Earth.
Also We know that Weight of Object = Force of gravitation acting on it
F = GMm/r² = mg
⇒ g = GM/r²
From above we can conclude that the acceleration due to gravity g is the same for all the objects, irrespective of the mass and size of the object. Hence they have the same acceleration due to gravity and fall with the same speed