You're right, skilled racers can get better performance out of any boat. By referring to the skipper's checkbook, I am using that as a proxy for skill level. Better racers, more committed racers, are willing to both spend more time and effort on their sailing skills than less committed racers, but that doesn't mean the less committed are having any less fun. My point is more about seeking a level of competition that fits your skill and commitment level. That works for both good and developing sailors. While it is always fun to do a horizon job on the fleet, if it is happening every week, perhaps sailing in a more competitive and skilled fleet would be appropriate.
It is also not just about fancy sails and clean bottoms. More competitive racers tend to be more aggressive on the line, more confident of the rules, and more aggressive at mark roundings. It takes a lot of experience to find and hold an opening on the line. The close proximity of the boats, the noise and the commotion cause some sailors to back off and become gun shy. If a sailor is gun shy it will be more fun to sail against other gun shy sailors because it will be fleet of equals.