Based on the video posted a while back, the sailboat in 1.20 will function basically like a motorboat: W to go forward, S to go backwards, etc.
I think the Joy of Sailing mod has shown that simple sailing mechanics would be a much better option, giving the player at least something to do while sailing, such as trimming the sails to get as much speed as possible, and tacking if you're going against the wind. If we assume that there'll still be no autorun without mods, then they're less annoying too, because you wouldn't have to hold W the whole time.
When we compare sailing to riding from a mechanical perspective, I think sailing needs to function a fair bit differently in order to keep it fun and interesting. When riding a mount, you still have additional things going on like terrain to navigate, enemies to avoid/fight, etc. If you're in the open ocean, you need something more to do than just hold forward, otherwise there's practically no gameplay.
I don't know how far it would be sensible to go in terms of adding depth to the sailing mechanics, both in terms of gameplay and the engine side. For example, should it be possible to capsize in strong winds if you don't manage the sails right, or would that be too punishing? What about waves, is there a feasible way to add large waves in a game like this? Would that even be fun for most players? I'd enjoy such things, but I'm not sure if I represent the average player. I think simple sailing mechanics would be a good place to start, and a good compromise for the base game.