10 dropping to 5 volts isn't going to work. Also remember that the 12v goes from engine thru engine harness, into boat harness, up to helm and back. So in addition to the battery cable (do the ground cable too) there are potential voltage loss points in the cannon plug (engine to boat harness connection), key switch (start vs run position), across any helm connections (often daisy chains the run +12v thru the gauges), and back to the engine.
You would have to find your wiring diagram and see where the ignition gets powered via cranking and follow that with a voltmeter.
something I didnt think of before previous post -
have the battery load tested at autoparts store just to rule it out as voltage drop source
for testing jumper directly from the battery positive to the purple wire (might have to strip some insulation since there is no terminal on the coil), then crank it over. this would hot wire the ignition and effectively bypass all the circuitry listed above. If you get spark that would confirm its voltage loss in harness, switch etc.
Just note if it does start and run you have to pull the jumper wire off to kill the ignition.
Can also jumper at cannon plug on engine harness-
#6 red/purple is 12 v supply
Jumper from #6 to #5 purple (maintained) for ignition on
momentarily jumper to #7 Yellow/Red from #6 to engage the starter.
I did this test running an engine on the ground with two short pieces of 14 gauge stranded wire twist them together and jamb in #6 12v supply put one end in #5 purple to power ignition, other end just tap in #7 to bump the starter. Pull out #5 to kill ignition. If it runs at cannon plug you know engine harness is good and issue is boat harness/helm.