A Frisbee is not a magical device, contrary to how one may initially appear. At no speed, a Frisbee will drop (roughly) like a rock, being hampered only by air resistance. Frisbees are light enough that they are able to maintain being airborne, but they need enough mass to have noticeable momentum.

Frisbees rely on two components to fly. Linear velocity, and angular velocity. Basically, this is to say when you throw a Frisbee, it moves forward and spins. Both of these components are necessary for successful Frisbee flight, and more of both will only enhance the range you get off of a throw. A disc with no speed will generate no lift, and a Frisbee thrown with no spin will rapidly destabilize and drop.

The mass of a Frisbee gives it momentum, both linear and angular. The linear momentum is necessary for the disc to keep traveling forward in the face of air resistance, and the angular momentum keeps it spinning, which is important for stabilizing the disc.