How does attacking downwards affect ranged weapon attacks?

For 5e, ranged weapon attacks are associated with a normal range and a long range distance. For a flying attacker, how does attacking downwards affect that range?

Say a flying PC with a handaxe was flying 150 feet above an enemy. Can they throw their weapon down to hit it? It’s outside both the handaxe’s standard and long range, but the handaxe has nowhere to go but down.

Does it automatically miss? Does it become an improvised weapon?