Your motor is too low, too long, the anti cav plate should be about 1 to 1.5" above the bottom of the boat. Never below it. A longer motor will create drag and that hydrofoil is probably just plowing water that low. Removing it will help but you will either need to find a shorter motor or build or buy a jack plate to make it right.
I have that same motor, I last had it on a 15' aluminum boat and ran it with the pin in the second hole from the transom, no hydrofoil.
On my old 14' boat, I had tried several set ups, the motor was a Yamaha built Mariner 15hp. When I got it it had a problem of over revving at top speed, I increased the pitch but had trouble getting on plane as fast, so I added a hydrofoil as an experiment. The hydrofoil took off 8 mph, the prop increase lost me about 400 RPM but didn't stop it from blowing out the prop. With the original set up, I could get as much as 31 mph lightly loaded. Fully loaded, with the higher pitch prop and hydrofoil got me about 23 mph. I eventually just put all back the way it was and lived with the fact that I just couldn't run wide open throttle without some weight in the rear. It was stick steer, so with just me in the boat, it was a bit rear light. A rear passenger would actually help it and I could run all out if needed.
I eventually hung a 35hp on that same boat, I didn't gain much speed, but gained gobs of acceleration. I got 36mph, but it shot out the hole like a rocket and sucked down three times the fuel. The added weight of the extra fuel I needed to get to where I fished actually made it slower. If I could have run with less fuel, it would have really flown. I had to carry 18 gallons of gas rather than only 6 to make it there and back. I didn't keep it long after that. I had found a larger boat and had all but stopped using that boat soon after.
I wish I had it back with the 15hp with the price of fuel these days though.