That's not how that works at all. Terminal velocity occurs when the drag force balances the gravitational force. So F_d = F_g F_d is proportional to the area

That's not how that works at all. Terminal velocity occurs when the drag force balances the gravitational force. So F_d = F_g F_d is proportional to the area of the object and the velocity squared. F_g is proportional to the mass. So, for constant area, at terminal velocity we have v^2 ~ m or v ~ m^(1/2) where "~" denotes a proportional relation. Thus a heavier object falls at a higher terminal velocity than a lighter one.