You're not "all wet", in this case anyway.
The rotating mass effect is just as, if not more so, prevalent in the boats. The reasons for this are:
1) Boat motors turn much faster than the equivalent size aircraft motor. A n OS 65 AX aircraft engine will spin a 12X6 to 14X6 prop up to 16K, that limit is partially due to the prop tips going supersonic and becoming ineffective if it goes any faster. The CMB .67s I run in my scale boats will turn 28K while my Nova Rossi .21 will spin up to 35K, twice as fast as the O S .15LA fitted with an 8X4
2) Unlike the longer aircraft props, a boat prop blade is short and wide, my boat running a 60mm prop with a blade area of around one square inch per blade. Also, unlike a plane prop, the props we use in the boats are set up in what can only be described as an "overdrive" configuration. Going back to the O S 65, it spins props that only pull the plane up to half of the prop's diameter for each revolution. For each revolution of my boat's prop, it pushes the boat 1.5 times the prop diameter, or 90mm.
3) Unlike an airplane prop, which is constantly loaded on all blades by the air, my boat's prop is only half submerged when running. Between the air pressure under the boat and the design of the prop blades, the rear of the boat is lifted until only the bottom half of the prop arc is in the water. This means the prop is doing several things at once for each rotation:

• it's pushing the boat forward
• it's lifting the boat upward
• it's trying to push the boat's rear to the left, inducing a right turn in what's called the "paddle wheel" effect

4) Since the prop blades are each being forced to enter the water during a rotation, the effect is an uneven lift, the left side of the boat being lifted more than the right. This can be compensated for by offsetting the motor to the left, installing the fuel tank(s) to the left or adding weight(usually in the form of flotation foam or lead shot mixed with epoxy) in the left sponson. If the boat tends to want to fly, the lead/epoxy can be split between the sponsons with a majority of it going into the left side
5) Unlike an aircraft motor, a boat motor uses a flywheel that can weigh up to half of the total motor's weight. This mass is used to keep the crank spinning as since the prop doesn't have the mass to perform the same function as it would on an aircraft.

Now, to get into other control surfaces that come into play, and the misconceptions associated with some of them, I'll have to cover them one at a time:
1) Vertical stabilizers.....These serve one major function, directional stability. Before the days of the now common horizontal wings, the boats were fitted with a vertical fin with a rear section offset to the right. This was to help keep the boat going straight and reducing the work load on the driver since the boats have, with two exceptions that I know of, never had any kind of power steering. Since 1973, with the introduction of the Pay'N Pak, the vertical stabilizer(s) have taken on a second function, a mounting point for the horizontal wing
2) Horizontal stabilizer....This is the most misunderstood part of the boats. Many, incorrectly, think it's used to lift the back of the boat out of the water. This couldn't be further from the truth. The horizontal stab is actually a "trimming device", used to adjust the boat's riding attitude based on testing and water conditions. This is only adjustable on the beach and, regardless of fill sized or model, it is not movable while running.
3) Rudder......This one would seem to be self explanatory, but appearances can be deceiving. The rudder actually controls how much the rear of the boat is allowed to "paddle wheel" to the side and, when making a race course turn, assist the prop in pushing the rear of the boat to the left(R/C boats anyway, full size would be to the right). The rudder is also the location of water pick ups used for engine cooling and speed sensors
4) Turn or Skid fin.....This one is the only surface that actually does what it's called. The fin, located at the rear of the inside sponson(left for full sized, right for model) prevents the boat from sliding or "skidding away from the buoy line and acts like a pivot point the boat turns around.
5) Canard.....This is the only aerodynamic surface that can be controlled by the driver. It is used to control the attitude of the boat by changing the lift at the front of the boat.