I say it floats, I mean look at it, floating like a boat should, and it moves about as slow as a sail boat would.
It could though have the sails down when on water, but it still floats. Just because it does not at the speed a water mount does, does not mean it does not float.
I realise that, my point is it still floats like a boat would, and moves as slow as one would too. It would be kind of odd if this mount moved at 100% speed given how it looks.
It’s sad when players have to use RP as justification for them having been suckered into buying a flying mount that can’t fly in current content that’s actually a boat that isn’t a water mount because reasons. Shame on you blizz. Shame shame shame.