The question is an interesting one: the ball is released above ground level, so it has a couple of metres to fall. On the other hand, air resistance is slowing it from the moment it leaves the hand. Which force 'wins'? The answer is not immediately obvious – to me, at least. On the one hand, the trajectory of a well-hit ball is obviously not a parabola: it falls more rapidly than one would expect. So the force of air resistance is obviously considerable. On the other, a ball dropped from rest would take a long time to approach terminal velocity. So a calculation is necessary.
The force of gravity is easy, it's the weight, W = mg. Let's compare it with the force Fdrag due to turbulent drag. This is given by:
where v is the speed, ρ is the density of air, A is the cross-sectional area, and CD is the drag coefficient. This coefficient, which is around unity for very blunt objects and which decreases for streamlined objects, must be measured experimentally, For a sphere it is typically about 0.5. So we have
The density of air is about 1.2 kg.m-3. So, for a very fast bowler, with v = 40 m/s, this force is about 2 newtons: for such a bowler, the drag force is about the same as the weight of the cricket ball. For someone bowling at say 20 m/s, the drag force would be only a few tenths of the weight.
Thus, for a ball bowled vertically downwards (a new meaning for shooting one's self in the foot), and for a slow bowler, weight would be more important than drag, as it clearly is when the ball is dropped.
However, the ball is not bowled vertically down -- at least not deliberately. It is easiest to include the effect of direction by considering kinetic energy. The work done by a force is the magnitude of the force times the component of displacement in the direction of the force. Gravity has only about two metres of downwards vertical travel over which to accelerate the ball, while the drag has about twelve metres (more for a slow bowler) to decelerate it. And a very slow bowler would have to bowl the ball slightly upwards ("give it a bit of air") just so that it covers the distance. In which case, gravity would act to slow it at first, not accelerate it.
Consequently, drag has a greater effect on reducing the kinetic energy (and thus slowing it) than has gravity in increasing it. So, even for quite slow bowlers, the fastest that the ball is travelling is just when it leaves the bowler's hand -- until, of course, it reaches the bat.