I rate board speed by the amount of drag, whether on edge or not.
"Does the faster ride come from more bouyancy making the board ride higher out of the water?
imo...yes
"I am having trouble thinking of a good way to explain how rocker creates drag."
back to your bouyancy thing. A board with more rocker has less board in the water. The portion that is in the water is sunk deeper as a result.
That's my theory anyway.
Some boards seem to break the rules however. Like the Parks board for example. Can't explain how it's not slow.