Seems likely but connect it back up to the switch and see if it works, save yourself the price of a switch, Ive no idea why they cut and taped it unless the switch is shorting out, but some people rush in and do unnecessary things instead of investigating properly, maybe thats what they did.
You could also just rig up a push button and connect it between the black yellow and the switchbox and save you the cost of a switch.
Sounds like you dont have a safety lanyard cut out switch, they are very good to have in case you get thrown from the boat especially if the steerring snaps.
The safety switch works by grounding that black and yellow wire to ground if the pin is pulled. It is run in parallel to the key switch in the control box so either it or the key will kill the motor when grounded.