I'd be pretty sure it's there. Just questioning whether it kicks in far enough off the bottom to be felt or taken advantage of. ( before crashing). The WSSRC considers it exists.... for planing hulls at least.
www.sailing.org/news/3762.php"There is much anecdotal evidence about the positive effects on speed by the shallow water effect and certain published study including the effect on fast ferries when entering shallow water and using the effect to "unstick"
seaplanes. However in order to obtain some hard data, the Council commissioned the Wolfson Unit of Southampton to prepare a paper on the specific subject.
Their conclusion of this detailed study was that the drag of a planing board is reduced when the water depth is less than the beam of the board, with a possible reduction of 50% in very shallow water of less than half the beam of the board. A water depth of 50cm would be deep enough to avoid shallow water effects."