Funny I just re-read the description and didn't see the word "instant" anywhere.
Bit if history:-
In the 3.5E spell description it says, "You can cast this spell with an instant utterance". The reason for this line is that this spell was written before the concept of 'immediate actions' was invented. In 3.5E, the casting time for FF was '1 free action;. Since free actions can only take place on your own turn, this would render the spell useless for all those times when you fall when it isn't your turn. So they had to include a paragraph specifying 'instant utterance' and "You may even cast this spell when it isn't your turn", which would be against the rules without that line.
Later, they introduced Immediate actions and changed the casting time of FF.
When 5E was written, it kept the Immediate action concept, but re-named it 'Reaction'. There is no longer a need to write the words 'instant utterance' any more, because the 'instant' part is simply how Reactions work in 5E: the trigger occurs, you instantly use your Reaction in response, no need to roll dice to see if you time it correctly.
And if it did instantly change your velocity to zero it would have the exact same effect as hitting the ground. Physics for the win.
If a DM were foolish enough to use Real World Physics to adjudicate spells then
every single spell description would have to be re-written!
Fireball would cause air to expand rapidly, blowing doors open and smashing windows
way outside the spell's blast radius if the spell were cast indoors. Spells which allow you to fly would cause nitrogen bubbles to expand in your bloodstream giving you the bends with possible fatal consequences,
Teleport-type spells would cause your atoms to each fly of in different directions as a consequence of Heisenberg's Uncertainty Principle, and so on.
The spells in the game
cannot work this way. They do
exactly what they say they do, no more, no less. FF does not damage you when it changes your falling speed; it would say if it did.
Adding Real World Physics to one spell and not the rest is just an excuse to nerf it.
I think maybe I need to hack up a web app where a number counts down from 100 to 0 as if you were falling that number of feet and you press a button pausing it. I'll have it keep track of the number of attempts. Could be worth some laughs.
I've done a similar thing with digital stopwatches over the years. I find it quite easy.
And that's where this Real World Physics criticism falls down. It is not remotely difficult to say "Now!" (or whatever the verbal component of FF is) in time to activate the spell before you hit the ground if you can clearly see the ground! Wizards don't have to be acrobats to be good at casting the spells they know! Just like they don't need a theodolite to accurately place that
fireball blast radius.
Sure, in real life the height might not be exactly 60 feet and the blast radius might not be so precisely placed to get the enemy while avoiding your allies. But the game system does allow this kind of precision both in time and in space. In real life, we wouldn't care about it being precisely 60 feet; we just want to do it close to the ground but before we hit, and 60 feet seems a large enough margin. Also, the DM asks you when you activate it (because you already said you weren't casting it straight away), just like he asks you where you place the blast radius. You have to answer with a meaningful reply, and "sixty feet" is an answer which does the job.
I'm not saying that there can be no hazards! What if the ground cannot be seen clearly, or at all? Are you just going to guess, or are you going to cast it at the last moment you can see is clear? What if there are anti-magic zones on the way down? There can be realistic hazards which do not compromise the game system, but suddenly applying Real World Physics to one spell and not the rest, while ignoring the equally realistic "it would be quite easy, actually!", goes against the DM's duty to run the game fairly.
Oh, yeah, and as far as the Shield spell question: yes, it's just as improbable as the HALO trick. Which is why the text of the spell explicitly allows it.
Let's compare two spells that each have the casting time of '1 Reaction':
feather fall and
shield.
For FF, the trigger is: when you or a creature within 60 feet of you falls.
For
shield, the trigger is:when you are hit by an attack or targeted by the magic missile spell.
Since each has more than one possible trigger, let's narrow it down to one specific situation for each spell.
For
shield, the situation is that an enemy is throwing a javelin at you. The trigger that is being tested here is 'when you are hit by an attack'. So the question is simple: if the attack does not hit then the trigger has not occurred so you may not cast the spell. If the attack hit then you may cast the spell. It's as simple as that. No rolls to see if you got the timing right, the game system for Reactions is that they occur exactly when you say they do, as long as it is rules-legal for the Reaction to occur then.
For FF, the situation is that you are falling from a height of 600 feet, so the trigger is 'when you are falling'. So the question is simple: are you falling? If the answer is 'yes' then you may cast the spell as a Reaction to falling. Since you are falling at every moment from 600 feet to just above the ground then every moment of that fall satisfies the trigger condition and you may cast the spell. And just like with
shield, there is no roll required to time it perfectly.
So the game system itself 'explicitly allows it' because, RAW, reactions (all actions, actually) occur when you say they do, as long as the point you specify is rules-legal for that action/reaction. There is no need to randomly roll to see if you cast it at a different moment or different distance instead.