Item #15 in this drawing is the ignition trigger that generates the voltage used to trigger the ignition coils at the optimum position in the compression stroke. As the throttle is advancing there's a linkage that connects to this trigger assembly under the flywheel causing it to rotate slightly, maybe an inch or so, as the throttle plates open.
So make sure the linkage is moving and isn't damaged. Be careful not to rotate the adjustment pieces (turnbuckle(s)) or the timing afvance will be changed from factory settings and a timing light will be necessary to reset the timing while the engine is running.
You can disconnect the linkage if necessary to check for binding action then reconnect without changing the geometry of the linkage adjustment pieces.
https://www.mercruiserparts.com/Sho...esc=Electrical+Components(Flywheel+/+Starter)
Item #1 of this 2nd link is the throttle body. This is where the throttle butterfly plates are located. The butterflies are round disks mounted on a shaft the rotates as the throttle is moved, their position controls the amount of air that can be drawn into the engine during the intake stroke. When open fully, maximum combustion air can enter required to make maximum power.
At throttle idle position these butterflies will be nearly completely closed, keeping air from entering throttling back the amount of air the engine can breath.
If you open the helm throttle fully, these butterflies should be at a 90* angle to the intake air flow, for maximum intake air.
Say for instance your throttle cable is broken (there are some plastic pieces here and there that can break) the butterfly plates may not be opening fully due to limited throttle cable travel.
So you can pull that front cover off and inspect the throttle butterfly plates to confirm they are reaching full open as the helm throttle is in full throttle position.
Probably you can simply see the external bell crank attached to the throttle butterfly shaft move to it's full open travel position but there's no better way to confirm all butterflies are completely open than by laying your eyes on them directly.
https://www.mercruiserparts.com/Sho...nbr=5387&bnbr=50&bdesc=Fuel+Management+System