Yeah it's not really meant to be a scientific formula. Pretty much what the guys have said above is what I meant.
You are 100% correct, once you hit a lull, you are basically relying on the speed that you have and how slippery the foil is, plus also how well you can pump.
The apparent wind part is more about how having efficient foils, and "apparent wind" sailing, is what helps you get more speed so when you do enter the lull you can travel further. More speed also means more energy for maneuvers.
The wiki article on it is OK, tho maybe a bit dense.
en.m.wikipedia.org/wiki/High-performance_sailing