Hey there, in addition to what Harleyut said I just want to add, that baking the ocean is only necessary if you want to have foam in your stills. This requires baking whereas a render without foam would work without baking it.
The ocean sim has a lot of settings to play with. And your settings already produce a good result - although I think the waves could be a bit smaller compared to your reference image. You can try to increase the settings for the ocean’s resolution in the modifier. That gives better defined waves.
The thing, that I find most difficult when working with the ocean sim is the material for the water. As it is with car paint shaders, the ocean’s material also relies on something to reflect. Much of the effect of a good water still is owed to a good environment lighting and HDRI.
Another thing, which I found helpful, was to place the ocean into a dark “box” (I used the lower half of a simple cube). For the water you will use a material that has some transparency components. And with such a material you will see the HDRI sky through the oceans surface as if the sky would continue under water. So, a box or something else that encapsulates the ocean helps to prevent this underwater sky.