Volvo's have a sometimes hard to find small bypass hole inside the thermostat housing that I believe may be under & just offset to the side of the plug that appears to be seen in your photo above...And if that bypass hole gets clogged up it's been known to harden, burst or blow the U shaped hose but generally this issue shows up more with the 3.0L's vs the V6/8's but it could still be the/an issue that's hard to find.
Some have been able to clear the blockage within the thermostat housing by using drill bits but most have still had to buy a new thermostat housing to solve the problem even after trying to clear the bypass hole.
If the bypass hole or new housing doesn't solve the issue then of a few possibilities still left, the bigger one could be a head gasket issue..
Though you still need to try as a free test as odd things do happen in the marine engine world, 'Unfortunately removing the thermostat typically doesn't help tell the full story should the problem truly be the bypass hole to where again if unclogging the hole doesn't work then usually only a new housing seems to work over I'd say probably 60% of the time...It's one of those you don't know until it's tried type deals.
I know the following types of info will be of the 3.0's but the listed possibilities are still possible to help give you some sort of directions to check as well.
https://www.justanswer.com/boat/azz3...splitting.html
https://forums.iboats.com/forum/engi...pump-at-45-psi
I see you've been on this issue for about a year now,
https://forums.iboats.com/forum/engi...-j-volvo-penta
Please be sure to come back sometime to post whatever you've tried and what seemed to have resolved your issue as this problem is often asked but hardly finalized online.
Thanks and good luck.