The first time I did a GPS measured 40+ knots it was in the 2004 SpeedWeek with a 3.7 KA Kaos wave sail on my older 14" speed needle in winds gusting well over 35 knots.
A year or two later I did a 40+ peak on my 2004 Starboard Acid 74 with standard wave fin and the same 3.7 KA Kaos sail in a honking Easterly around 30-35 knots. I posted it somewhere in GPSSS.

In really good wind and a broad course there is probably not much disadvantage to a
good small wave fin up to about the 40 knots mark. Soon after that I think they would run into big drag issues.