I had that same issue as you are, until last night. I started ignoring the plane, because I could never find it, last night I saw the shadow of the plane as well as the package. I looked up and there was the package coming down not to far from my position. I never actually saw the plane though, but I looted my first air drop and then had a close battle with a geared fella, and I had him extremely low, but I died. Good story, got carried away.
I have noticed that sometimes the moment the plane sounds it will be right over you loud as hell. But you can’t see it. Well it’s actually not their and your game has bugged you need to relog when this happens.
It is the draw distance. Also, the altitude of the aircraft has increased since the last few patches which dosn’t help. I have a plugin on my server that annouces an aircraft has launched. Due to map size, I often never hear or see it.