Well sort of right but not really. If you drop something it continues moving in a straight line, but the floor and you are not so it will hit the floor as the floor is pulled into its path by the centripetal acceleration.
It might not fall straight down but at a weird angle but it would fall. I need to find my old advanced mechanics books and look at these equations again.
My take on this is that centrifugal/centripetal force shares many qualities of "mass attraction" gravity, but there are equally as many non-parallels.
Objects tossed in a straight line across a spinning ring environment would follow a similar parabolic ballistic path if re-mapped (unwrapped) to its "flat" Earth equivalent. However, it is possible to, in the "spinning ring" environment, to launch an object in an equal and opposite direction from the rotational environment such that it maintains is radial distance from Cm (center of mass), "hovering" at the same elevation from the floorboards. Picture a rotating ring with a stationary dot near the inside edge. To remap this scenario means, on Earth, a projectile would never lose altitude and must glide along at a constant elevation until obstructed or stopped. If Delta Airlines knew of this they'd be in good shape.
Another non-parallel case near Earth is geostationary satellites, fixed over a constant geographic point. There is no equivalent of this effect in a spinning ring except at the center of rotation. It's almost the exact opposite, kinda like a candle in the center of a spherical reflector instead of bouncing single rays in all directions from the outside of a reflective ball.
Yet another non-parallel is low-Earth orbits: eg. Shuttle, surveilance satellites, space junk, etc. These must be traveling significantly faster relative to a point at sea level to maintain orbit (which is a function of centrifugal force) because they're always in a state of freefall that happens to match the Earth's curvature.
Odder still is that the remapping effects are somewhat reversed. In the first example of a "hovering" body near "ground" within a spinning ring versus the low-Earth orbit variety, the planes of reference, outward or inward, are diametrically opposed (forgive the geek pun.) It's also why the Earth's center is experiencing the same Zero-G effects as we speak.
Someone please correct me if I'm mistaken in my understanding.