I don't think we actually know why things fall in a D&D world. Possible explanations:
1) There is some sort of Earth spirit or spirit of the ground which abhors things that fly and desires to draw them toward it. Everything is dragged violently toward the world unless it can oppose the force this spirit asserts on them.
2) It is in the inherent nature of things containing the element Earth to desire to be drawn toward the center of the world, and at all times this nature causes them to hurl themselves toward the world.
Note that each explanation I gave potentially depends on animus (everything is alive), and thus on metaphysics rather than what we would call physics. The explanations we gave above might superficially resemble gravity, but on close expectation we might find differences. For example, in explanation #1, 'gravity' might suddenly cease a certain distance away from the Earth, resulting in a cinematic experience of gravity (most people who don't have college level physics have the expectation that gravity works this way, and don't understand the mechanics of free fall). In either case, we now have an explanation for how magic (as it pertains to gravity) might work, and how things might be caused to fly or levitate or what not. Since 'gravity' here depends on animus, it's not necessary for the worker of magic to oppose the forces involved by brute force, as if the mind's will could lift things into the air, but simply to trick or coven the forces involved into doing his bidding for a short time.
We might also for example discover that kinetic energy depends linearly with velocity rather than the square of velocity, or that if you grind a cannon in water eventually the water will cease to heat up. None of this would necessarily depend on 'magic' as D&D uses the term, but it wouldn't necessarily be 'physics' either.