They do, but they tend to be a bit of a mess. The issues that make the dynamic very different from ITU are:
Course crowding (lots of different AGs), lots of different speeds.
Wave starts
Vastly different swim abilities
Good swimmers (or weak bikers from a previous wave) tend to be the big beneficiaries. The strong swimmers can team up to hold off the bikers, or draft once caught (thus limiting their losses).
Slow riders from an earlier wave can sometimes latch on to a stronger biker from an earlier wave and get a good tow.
Ironically, the best organized AG packs I've seen were not in draft legal races :(.
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