Interesting. Seems they are using larger foils than last time but are getting a bit higher speeds, so surface area reduction may be required. Seems like up to about 1/4th of the foil was out of the water in one race I watched.
I wonder to what extend tip effects play a role. They seem to be keeping the foil very close to the surface, probably to reduce drag from vertical components (the "mast" equivalent). In general, turbulence at the wing tips is a major source of drag (one reason, if not the main reason, why high aspect foils have better lift ratios). It seems plausible that the tip drag would be even worse with tips very close to the surface. By this logic, having the tips come out of the water would be to minimize tip-induced drag.
The races seem to contradict some papers that stated that foils have a reduced lift-to-drag ration near the surface, mostly due to induced drag. One paper had drag go up about 3-fold when going from deep submersion (h > 2 c) to near surface (h = 1/2 c), and lift going below 0 (
hal.science/hal-03963200/document). Makes me wonder of the calculations were off a lot, or if angling the foil makes a big difference. But that was a 2D simulation with a symmetrical foil. I bet that the ACA75 foils are rather asymmetrical, and run at an angle of attack close to 0, which should make a big difference for surface distortions that cause drag.