There are many claims of authority by regulatory bodies. Some of them are constitutional.
The FAA must rely on the grant of power in Art 1 Sec 8 of the constitution to regulate commerce among the several states.
Airliners bound for other states fly over my house every day. I concede the FAA's authority over those airplanes and their flights.
OTOH, a little drone flying barely above the treetops has a far slimmer case to be part of interstate commerce.
Federal jurisdiction over use of the air is not unlimited, and cannot be used to displace state jurisdiction on non commercial uses of airspace in realms that are clearly not part of the commercial airways.
If we look at other forms of transportation we will see a similar pattern. Federal jurisdiction over commerce does not immunize truckers from state rule about safe driving. Federal jurisdiction over navigable waters does not preclude state regulation of fishing boats and fishermen.
I personally guess that California's right to regulate the use of airspace below 500 feet outside of airport landing zones is constitutional and will be upheld if the law is enacted.