My 1999 130 has probably triggered the overheat alarm more than 20 times since I owned it, on my IR gun it triggered sometimes at 160f when flushing. It was usually a minor issue, the sensor is very sensitive to a tiny bit of dirt. I’ve started it cold in the bay, it can trigger an alarm after idling for 2 or 3 minutes. My outboard does not like muffs, I don’t use them.
My overheat alarms were really frequent after doing a barrel vinegar flush with the thermostat out and the telltale port disconnected, a lot of salt crystals came out. After that for a few months, it would throw the overheat alarm and go in limp mode, but it never overheated, it’s just a very sensitive thing.
Follow the good advice above, if the computer in this outboard has recorded that overheating event information. My 1999 does not have any sophisticated computer system, that came along it later years . It may be this outboard has not been damaged by overheating.