I think a lot of this comes down to how and why the wing is designed. For us normal boat owners, the wing keel is a compromise as the boat was most likely designed around a deeper fin keel. The wing allows for shallower draft while keeping the weight down low where it is more useful. A lot of the times a boat is designed around a fin and has a shoal keel option the keel shape is also very, very different between the two designs. With the wing, the keel options can be closer in shape except for the bottom third or so.
In theory, the higher aspect wing keel will be more efficient than a short stubby shoal draft keel, but this may or may not make up for the extra drag that the wing causes. I would think that it does in most cases.
All things considered, the boat was designed around the deep fin keel and will almost always perform better in that configuration than the same boat with a shorter winged keel. Upwind, the fin keel boat will be able to point higher and have less side slip than it's sistership with a wing, or centerboard, or shoal keel. I've raced quite a bit on two different boats (one with a CB and the other with a shoal keel) against fin keel sisterships. Both boats were able to keep up (and sometimes outperform) off the wind, but once the boats turned upwind and started tacking, the deep keel versions would slowly work themselves away from us. Happened every time.
With the 12 meters, the boats were already at the max keel draft dimensions. My understanding is that in that case, the wings on those keels allowed for a bit of end plate effect and possibly some lift at certain angles of attack. Because the boats were different designs to the same rule, it may have made all of the difference, been a contributing factor, or had nothing to do with it at all. I'm sure there are many books and articles on the subject.
All said, unless you are racing, the performance compromise of wing keel vs a fin keel may never matter and if you live in a place like I do, the shallower draft may allow you to get more places than the fin keel would. There is something to be said for that.