They cancel perfectly when the antennas are the same. There's a scale factor when they're different, but the frequency dependence still goes away.
So I'm adding about 10dB for noise, and getting a path loss that's about 15 dB higher, giving me an expected range closer to 100 m. What are you using for the antenna's effective area?
Do you agree with lpmay's explanation of Friis? Path loss increases as frequency increases. However, if aperture is constant while frequency decreases, which increases path loss, gain increases, which offsets the increase in path loss, and there is no change in link budget.
My receive sensitivity has noise included. It's why I think -100dBm seems for a 900MHz TI chip (could be wrong? didn't design this system...). Factor in noise/packet loss/PER or however you want to quantify, and I'd guess you'll get to a measured RX sensitivity of ~-90dBm.
Mentally, I equated RX sensitivity at data rate with RX power, which shouldn't be done for explanation purposes, but my original formula should still hold.
So I'm adding about 10dB for noise, and getting a path loss that's about 15 dB higher, giving me an expected range closer to 100 m. What are you using for the antenna's effective area?