There's always been 2 schools of thought on this one, probably always will be.
Theory says the layer of water closest to the hull is stuck to the hull, and that the ridges left from 600/1200 grit sandpaper don't stick up through the stationary layer and therefore don't affect performance.
Frank Bethwaite, famous author of "High performance sailing" made many experiments of fins and hulls with various finishes. Many experiments where he towed fins and hulls through water carefully measuring the drag. He is well up on the theory but had to conclude
the higher the polish the better.
He also noted polished surfaces don't collect grime as easily.
Here's a video of a highly polished bowl rotating. Water passing under a hull is probably equivalent to about 3 turns of the bowl.