The horsepower rating for a 1988 Camaro's 305 varied slightly depending on the specific engine configuration and options. However, it generally ranged from around 170 to 200 horsepower. It was not a high-performance engine by today's standards.
Your friend's claim that it's "fast" is subjective. While a well-maintained and possibly modified 305 can be reasonably quick, it's not inherently a high-horsepower engine. The feeling of speed can also be influenced by factors such as the car's weight and the driver's expectations.