Drag = profile drag and parasitic drag
The smoother the hull finish will produce the least parasitic drag, hence the least amount of 'work' that the sails will have to overcome to get the boat moving at a certain speed. Rough pipe walls, rough river bottoms, rough boat hulls all impede the velocity of the water flowing past it --- all by increased friction. The smoother the surface against which a fluid is moving, the least amount of parasitic drag hence the more energy available to 'drive' the boat (to overcome the 'viscosity' of the water). The smoother the surface the greater chance of developing a stable 'boundary layer of fluid' that will vastly decrease the parasitic drag. The high end racing boats develop hull surfaces that are in the 'micro-inches' roughness (much smoother than glass). A detailed (complex) explanation of the effects of hull roughness versus parasitic drag can be found in such works as: "Sailing Theory and Practice" and "Sail Performance", by C. J. Marchaj. So, to answer your question a VERY smooth hull will be several/many percent faster than one that had its bottom paint applied with a 'paint roller' or has a lot of 'flaking paint' .... because it has LESS WORK to do to get to the SAME speed. A boat with a super smooth bottom will also have less heel, etc. ... alll relative and based on percentages. Such consideration are not only for high-end racers; but also, long distance passagemakers as it 'decreases the time' one is on passage (safety) and enables one to move more quickly away from storms, etc. Burnished Interlux VC17 or "BaltoPlate" are commmercially available hull finishes that can be radically flattened down to INCREASE SPEED. Such validation of results are typically done via 'tank testing'. Most navies of the world allocate a lot of $$$$ to evaluate bottom coatings to increase speed and reduce fuel consumption; many forms of marine life have evolved to do the same thing. The easiest way to get a FLAT layer on your bottom is to 'forget about using a paint roller'.