My cat, Skilla just made a precision jump with a perfect point-landing on my shoulder. So I asked her what the function for her variable moment of inertia-tensor was, and what software she used to determine her angular momentum tensor. She replied "Mjau".
I think something similar is valid for top-athletes in most sports, also in sailing.
But when you design boats, especially new concepts of boats, it is an advantage to understand the physics behind sailing.
Yep, the top sailors certainly do spend a lot of time practising their physical skills like that. They also seem to have a very strong concept of the wind as something that fluctuates dramatically - something that slower racers just don't seem to understand. A general high-level concept of the physics, plus a knowledge of the tradeoffs between lift and drag that accompany changes in trim, seems to be enough for even the top sailors. Then they spend a lot of time on trial and error sailing, which is arguably more effective than any amount of theory most of the time, because the theory seems to concentrate on steady-state conditions and therefore may ignore far too much of what happens in the real world.
I'll admit that I've never really discussed how much the top guys apply any high-level knowledge of physics, but I've been around when (for example) John Bertrand discussed trim with Skip Lissiman (one of the trimmer/sailmakers on Australia II), sailed and talked trim with Grant Simmer, sailed and talked trim and ideas with cat Olympic medallists/sailmakers and top Moth guys, etc.
From what I understand from reading and that sort of personal conversation, much of the same applies to the people who designed new concepts like windsurfing and monofoiling Moths. They had a good grasp of models of physics that, even if not necessarily perfectly correct at the level of tiny vortices, allowed them to work out what could and what couldn't work.
The AC 75 simulations may show that a more detailed physical model allows people to predict things to a dramatically higher level than before, but it would be interesting to see how sailable such a craft would be in different situations. As windsurfers and 18 Foot Skiffs have shown, what works in an area like the America's Cup course may not work at all on the Solent or Sydney Harbour where theoretical possibilities collide with real world gusts, shifts, lulls and tactical issues. Would the simulations for the AC75s be able to accurately predict such a situation and would the boats really work in such a situation?
The "layperson" sailor deals with the latter sort of world, rather than one where the higher levels of theory dominate IMHO. And the guys who did things like create foiling Moths, windsurfers, assy spinnakers etc are also people who have a deep and vital understanding that a theoretical knowledge "steady state" aerodynamics is less important than an understanding of the real world of gusts, shifts, chop, gybes, etc.