It can happen but he should have been coming on like a freight train at about 100mph. I was running 12.7 @ 108 mph (stage 4 WRX with upgrade Top mount IC) and ran a buddies 03 Cobra with similar mods. I beat him big time off the line. I kept my lead until about 90mph and then he blew by me like I was sitting still.
With drag radials he runs low 12s @ 116+ mph at the track.
So I would assume there is something wrong with his Cobra if he wasn't catching up to you at higher speeds.