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"drop precipitously" is correct and usable in written English.
You can use it when you want to express that something has significantly decreased; for example, "Sales dropped precipitously following the recall of the product."
Exact(56)
However, by Friday night, temperatures are expected to drop precipitously as cold air from the north moves down, turning the precipitation into snow.
At menopause, levels of estrogen drop precipitously.
Last year, both companies saw their revenues drop precipitously.
Those rules automatically halt stock trading when prices drop precipitously.
Far from increasing revenue at the forecast double-digit rates, Autonomy's revenue started to drop precipitously.
If Webcams were installed at slaughtering facilities, American meat consumption would drop precipitously.
Commuting rates drop precipitously, and bike lanes can be empty for long stretches of time.
To be sure, foundations generally try to make sure that gifts do not drop precipitously.
It did, of course, drop precipitously, into the low 50s, by the 2004 election.
"The price of storage per gigabyte is going to drop precipitously," Mr. Lawrence said.
Without living space and food sources, populations of reef-dependent fishes and other forms of marine life can drop precipitously.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com