I think it is a little simpler than that. Long slender hulls when exceeding hull speed have no benefit from cleaving the water surface, other than reducing surface friction, because the deck is in the air, which has less viscous drag than water. At these speeds, to be totally immersed starts to look good. Wave form drag is bad news. Every wave is literally energy running away from the boat. The "fourth mode" would be submarine mode. Large ships have recognised this with a practical compromise - the bulbous bow.