not so much , Will. the word yacht comes from an old Swedish word that meant. vessel not used for work.
so pleasure vessel = yacht. has nothing to do with size or cost. so yachting is the act of boating for the fun of it.
The word
yacht has a stigma in the US. Seems to be a vague line drawn where most of us own 'boats', beyond that are the really big 'yachts'.
But around the world, it's a different matter, as you say. Friends and acquaintances from the EU always refer to sailboats as yachts. There is no pretension as to size or value.
Sailors are often (always, in many cases) referred to as
Yachtsmen.
Here's the culprit, Thurston Howell.