Yes, it might apply, however, we deal with planing hulls, not displacement hulls. even at 35-40 kph, (is what. 20-25 mph) the hydrodymamics are certain to change when some of these guys are twice that speed, with a different type of hull.
Personal eperience: Anyone else water ski? Notice how riding on the bubbles ( the exhaust of the engine, between the wake) requires less strength to hold on to the rope? The bubbles break the surface tension, also make the water less dense, so it is easier to drag through it. It also makes the ski less stable.
also don't underestimate hydro tension-cohesion. Water sticks to itslef, and other things that 'wet', so well, that this sole property, waters ability to climb a straw, allows trees to get water to the tops of the leaves (trees don't have pumps) - hundreds of feet straight up, just because water sticks to the side of a straw. If water can pull itself hundreds of feet straight up, it will definately stick to your hull enough to slow it down.