Gravity never stops acting on the disc... ever.
If not for lift, every disc falls at 9.8m/sec/sec... anywhere on this planet.
As long as the disc has velocity, it has some amount of lift. When it slows to the point where gravity > lift, it begins to fall. If gravity is only a bit greater than lift, the more gentle the descent. If gravity is significantly greater than lift, it drops faster. That's why spike hyzers penetrate the ground: the flight plate is essentially in line with the ground, so the disc's lift isn't really counteracting gravity, it's actually pushing the disc on toward whatever direction the top is facing.
9.8m/s^2 to a point; terminal velocity ... wind resistance decreases that number (not sure that's the same as lift, necessarily) ... e.g. a parachute doesn't accelerate at 9.8m/s^2 ... is that lift? mmmm ... my head hurts:\