Yes, it is all about VMG, not pointing ability.

I sailed on a TriFoiler against a fleet of Hobie 20s upwind one day in Long Beach, California. There was about 16-18 knots of wind and I had my wife in the boat. The TriFoiler certainly can not point as high as the Hobie 20 with dagger boards, but just like a comparison of cats to monohulls... I went lower, but faster and was able to pace and actually beat the 20s upwind (VMG). We were trying to stay out of the way.

Now... turning at the weather mark... yeee haa! we were scary fast going 2-3 times as fast and lower than the 20s.

VMG around the course? In certain wind conditions (when the TriFoiler can foil upwind) the TriFoiler is the clear winner even though it can not point as high.