NOT cavitation. You can clearly hear the engine rev as the boat increases speed. The boat speed is directly related to engine rpm... So your pump is working.
I would disconnect the red rectifier wire to see if that resolves the issue. If it does, you need a new rectifier. That's an easy test and can cause these symptoms.
My guess is you probably have a fuel system (clogged hoses or fuel selector) or carb clogged issue. Given you're on original fuel lines, and probably haven't rebuilt the carbs, that's probably your issue. If you do a carb rebuild, make sure you use genuine Mikuni parts.
Regardless of this problem, if you're keeping the ski, you should replace all the fuel lines with grey automotive hose. The grey lines degrade inside and make a purple goo that clogs the carbs. If you starve the engine of fuel and it runs lean, you can destroy the engine.