Some people render some components of the fluid as Krakatoa particles (e.g. foam), and composite it over a skinned (meshed) version of the fluid.
In the following video, Thinkbox Frost (our own particle skinner, currently only for 3ds Max) was used to mesh the particles and render in a raytracer (mental ray), and then Krakatoa was used to render the particles for the “white water” effect:
YouTube is full of similar examples.
And here is a fluid simulation which is 100% Krakatoa rendering, since pure whitewater was the goal:
So you understood correctly, Krakatoa renders only particles as points or voxels, it does not facilitate particle meshing (skinning) and does not support rendering of meshes as such…