This paper conducts a fundamental study on the hydrodynamic performance of a floating offshore wind turbine (FOWT). This includes investigating the impacts of platform motion, turbine operation, and environmental conditions on hydrodynamic wake development behind the FOWT. Using underwater particle image velocimetry in a wave basin, the fluid flow behaviour behind the floating wind substructure model is compared for different test configurations. The FOWT is examined in three configurations: I. Zero degrees of freedom (fixed), II. Six degrees of freedom (floating), and III. Floating with turbine in operation (full system). The results reveal significant hydrodynamic wake turbulence differences between fixed and floating systems, with 95% and 89% increases in turbulent kinetic energy (TKE) and turbulence intensity (TI), respectively. Turbine loading in configuration III results in additional damping and reduces eddy shedding, resulting in a 26% and 31% decrease in TKE and TI, compared to the floating configuration II. It is found that neglecting turbine operation overestimates substructure drag terms by at least 30%, while fixing the model underestimates drag terms by 54%. This study highlights a trade-off between model accuracy and dynamic complexity when estimating viscous effects on FOWT. It also provides a valuable set of high-fidelity validation data for the development of numerical tools for FOWT analysis.