Most likely you are planing when you see that rooster tail. Yet rounded bottom hulls, for example, might leave a rooster tail and not really be "planing".
But whether that speed is less efficient than a higher speed is tough to tell unless you have some data....speed vs fuel consumption to calculate NMPG. You can keep track fuel consumption (and speed) yourself while running long periods at consistent RPM by tank measurements or maybe somebody with your boat will post their data....
Another way to get good data: If your engines turn their rated RPM at WOT, the DD propeller fuel consumption curve will give you the approximate fuel consumption versus RPM. Then all you have to do is run at various RPMs and record your speed via GPS. It's best to do those runs in slack water, but if you run in steady current, say with a current, your relative readings will enable you to determine relative efficiency;But if you pass by, say Marthas Vineyard Cape Pogue Point from Vineyard Sound, you may move from a following current to an opposing current and you'll slow down a few knots....and that will screw up your data points....so plot your results to be sure they look smooth....
Finally, running a 2300 RPM (WOT) two cycle DD at around 2200 RPM cruise is really hard use; you'll substantially cut the life of the engine. But it's possible that because of the modest HP and boat that this is a relatively efficient cruise speed as far as fuel consumption alone is concerned; but that high cruise RPM will most likely not be your most efficient overall cost point due to increased maintenance/repair. The rather universal recommendation is to cruise around 80% of maximum rated RPM...2200 is almost 96% of that.