No. They travel to the limit of the spell's range, with no penalty.
David Drake says something in one of the Hammer's Slammers stories, when talking about powerguns (paraphrasing from memory): "Even an untrained peasant could be deadly with a weapon that fired line-straight and had no recoil."
With most thrown or projectile weapons, the further away the target, the more of an arc you'll get in the trajectory, which reduces your accuracy.