Yes. I do believe that in very big surf (tow surfing) actual cavitation occurs. It's been described as going down the line basically straight and the board just suddenly stalls. Not slide, stall. That sounds like cavitation.Probably aeration, being so close to the surface.
What is labeled cavitation typically is just fins releasing during a turn and air is introduced.
I can see how a twinzer can minimize that. More overall fin area and the effect of applying pressure to the outside foil of the main fin (acting sort of like a reenforcement (think leaning on a fence)). Not to mention "smoothing out" the flow over the foil.
PS: I'm not a shaper and couldn't shape a good board by hand if my life depended on it.