Velocity and momentum are not concepts in the rules
D&D is not a physics engine. The game world works according to the game rules, not according to the physical laws of the universe.
Magic is magic.
By definition, it doesn't follow the rules of the real universe. That's what makes it magic. What it does and how it does it is up to the DM to decide.
Magical shrinking and enlarging are not concepts in the real world
The real world is not a magic engine. Magic does not exist in the universe, so the laws of physics don't deal with it.
Assuming this is something that could happen, what would be the effect?
The atmosphere for a large volume around the projectile would freeze solid.
Assuming the object is moving in a flat spacetime (close enough assumption for most game worlds) at non-relativistic speeds (again, a fair assumption for a crossbow bolt or cannonball), it has an energy of approximately:
$$
E={1 \over 2} m_ov^2+m_oc^2
$$
Any increase in rest mass will linearly increase the object's energy. A reduction in its velocity can obtain some of that energy. But \$c>>v\$, so the kinetic energy is negligible and can be ignored. A typical 30g crossbow bolt travelling at 100m/s has 150J of kinetic energy and 2,700,000,000,000,000J of rest energy.
That means the energy has to come from the environment of the projectile. If our 30g crossbow bolt becomes a 26kg ballista bolt, we need to find an additional 2,300,000,000,000,000,000J of energy.
Is that a lot? Well, it's about as much as is released in a magnitude 8.5 earthquake or about 67,000 Hiroshima-sized bombs. Which, coincidentally, is in the ballpark of the yield of the estimated 9,600 nuclear warheads currently in existence. So, big on a human scale, pretty big on a planetary scale, but quite small on a solar-system scale.
The kinetic energy of an ideal gas at room temperature is about 3500J/mole, and there are about 4000 moles/m3. So, we would freeze about 200 square kilometres of the air - a hemisphere about 7km in radius. This is an underestimate because the gasses would not actually get to absolute zero - frozen air still contains quite a lot of kinetic energy.
Of course, the reverse process would release the same amount of energy. Imagine standing with all the nuclear bombs and detonating them all at once. That would be pretty close. It's estimated that this would totally devastate an area about the size of South America and, obviously, have global repercussions.
And you thought Fireball was a powerful spell - Enlarge/Reduce laughs at its pathetic energy release.
This is why physics and magic don’t play nice together.