That's all true, but if you think about it--the drop would of 99% killed Cid.
If you look at the height of his fall, plus the impact from the bomb; regardless of the fact of the distance. But it was actually still quite near to him.
I can believe the story of Yang staying alive, because of his sheer resilience--but you must be kind of foolish and gullible to believe Cid didn't die. It is Final Fantasy after all, so anything can happen...