No. "Slip" is a term that I have almost never heard dealing with props among professionals although yachting books use it a lot. A prop blade is just a rotating foil and therefore has to act at an angle of attack to produce any lift (thrust in this case). If there was zero "slip" there would be zero propulsion.
"Slip" is not wasted energy and low slip does not indicate efficiency. Thrust is a function of the amount of water moved backward from its previous position and how fast it is set into motion. This is easier to visualize if you think of the boat going by you and the previously motionless water moving. Look closely at the rooster tail left by a fast boat and you'll see that the water is moving against the far shoreline in the direction opposite the boat.
There is a direct relationship and linkage between the thrust as represented by the mass and acceleration of the water and the difference in pressure on each side of the prop blades. The overall pressure difference will equal the resistance of the hull. The less blade area, the higher the pressures will need to be.
Two blade props are actually inherently more efficient than 3 blade props which are more efficient than 4 blade wheels. The conventional wisdom / urban myth / forum talk differences between them generally apply when props of the same diameter are being compared. The 3 blade wheel can have more blade area for a given diameter so often give better results when diameter is restricted as it is in many sailboats. If you have enough prop clearance to get the necessary area in a two blades, it can work just fine; even in bucking conditions. My boat has a two blade wheel and is just as competent under power as if she were a small trawler yacht.
Three are so many variables here that you have to have calculations done to get it right. The computer programs most prop shops have now make that a lot more accessible.
In this particular case, I agree that the tach is one of the first things to check. If the prop load is holding the engine at less than its maximum RPM and you keep adding fuel, it isn’t going to fully burn and there will be clouds of black smoke coming out the transom. It doesn’t sound like that is happening in this case.
Back before computers and when much less instrumentation was used on sea trials, we liked to see just a hint of black smoke at full throttle that would disappear after backing off about 100 RPM. That’s a good indication that the engine prop match is about right. Now that things are more sophisticated, they can set up the engines so the black smoke would appear just past WOT.
Maine Sail is right. If your prop is holding your engine back, you may have problems with your engine down the line. Even at lower throttle settings, there will be a mismatch between optimum engine speed and torque. If impatience leads you to operate a lot at WOT, you’ll be compounding the problem but building up lots of unburned fuel around the valves and in the exhaust system. You also paid for that fuel and are turning it into maintenance costs instead of propulsion.