Historically it depended upon the effectiveness of cannon. If your cannon was only effective at short range and not having high explosive rounds, it's pretty likely the battle will be resolved by boarding.
If a ship is damaged enough or can't escape it should likely surrender. In the age of sail capturing merchants and warships wars was highly desirable, many English ships were built by the French.
The English had much more sailing experience than most other nations in Europe, it enabled them to fight more effectively. When I say more experience, it means actually moving the ships around. In the Napoleonic war for example, much of the French fleet spend most of it's time in port, not exactly the best training activity.
As to what the game does, hard to tell.
Good book series to read is the Aubry-Maturin series, made known by the movie Master and Commander. It's a pretty good instruction on how to conceptualized ships for the game.