Absolutely incorrect!

The reason that works on the moon is that there is no atmosphere. Once there is air, you get the concept of terminal velocity. The terminal velocity of a feather is very low, that of a cannonball isn't!
The force acting on a bike plus its rider down the slope of a hill is proportional to their combined mass, whereas the main force slowing the combination down is wind resistance which is proportional to their combined frontal area. As a cyclist gets heavier, his/her surface area increases only slightly for large increases in mass, therefore heavier cyclists can naturally go downhill faster. (I'm talking about simple fast descents, not technical ones where skill is required.)
I've been proving that on forum rides over the past couple of years. We have hills round here up to 6 miles in length and I can't keep up with skinny CC riders going uphill but I can often overtake them on descents without even pedalling!
A great example of that was on a holiday on the Costa Blanca a few years back. I was grovelling up a huge hill when a skinny female cyclist shot past me about a kilometre from the summit. When I finally got to the top, I could see her way ahead of me on the descent. I set off in pursuit and caught her up by the time she was half way down. I overtook her at 50 mph, barely even pedalling. I looked back and her legs were spinning round at a ridiculously high cadence and she couldn't get close to me. When the road flattened off, I slowed down and she finally caught up and asked how that was possible. She'd been spinning out in her highest gear. I asked how much she weighed and her weight was 7 stone. I weighed about 13.5 stone at the time...