Looks to me like you have 3 posts for a similar problem.
As I understand it , the jet pump is the propulsion unit. Its driven by the driveshaft/motor combination. Ideally , if there arent any air leaks from the hull , or pump shoe , or seals around the driveshaft , the pump sucks up water from the lake or river youre in and pushes out the back , pushing you along. If air is getting in there , then your effective propulsion is going to be considerably less.
Cavitation is the condition where air has gotten into the pump thru a leak in one of the sealing surfaces , allowing the impeller to spin up to full RPM without a full load on it. Typically ( from what Ive read here ) the motor will get to the high RPM range easily with 1/2 or less forward momentum from normal.
Around here , advice is to check your wear ring , the black sealing surface around the impeller , for gap. I cant quote the exact number but I recall a file folders thickness or less between the impeller edge and the wear ring.( Voodoo ?) Check your drive shaft seal and make sure it is greased . DONT pump grease till it spills out of the seal , just pump enough to make it move and check it often. The other grease fitting on the PTO ( attached to the engine) is greased up to keep the splines on the driveshaft from getting torn up during regular operation. Lastly , and I have little hands on knowledge here , check your pump shoe for leaks. I dont know how to do this particularly, so i suggest doing a search for " pump shoe leaks" , and see what you can find.
On my boat, the neutral safety switch was stuck and the boat( 95 twin eng. 657x Speedster) didnt make any RPM past 3500-4000. I took the throttle handle assembly out , lubed the switch with silicone spray and put it back together. It ran great after that. I guess they call that the " rev limiter" so that the boat doesnt accidentally get away from you at the dock in neutral. My wife caught a pantleg on the handles and proved to me exactly why that was made that way. Luckily all we had was hurt pride. I'll never dock on that side again.
I hope that helps , and any of the experts please correct my advice if Im wrong.
Jim.