Ok it is important to know which Volvo system the OP has, there are the Swedish drives (AQ and its variants) and the SX drives (partly based on the OMC Cobra). I'm not familiar with the AQs but on the Cobras and Volvo SX there are a few common points:
1)Plastic water nipple in the transom mount, if this cracks because of trapped water it will suck air when the boat is on plane
2)Rubber water tube grommets in the drive, if you have one bad overheat or even chronic low level overheats they can get overheated by exhaust gas and not seal well, can suck air with the boat on plane
3)What Kenny mentioned above, the bypass in the thermostat housing, can get clogged, this actually happened to me once. Rodded it out with the boat on the mooring.
The OMC and Volvo thermostat housing is actually the same part, or at least it used to be. I replace them after about 8 years use in salt water same with exhaust elbows. They just get too corroded to not have clogging issues.
On the plastic water nipple in the transom mount, the OMC Cobra system had a drain plug there, that you should remove when winterizing it that allows water to drain so it does not crack. Not sure of all years of the SX had the same water drain.
Other possible causes:
Due to the engine mounted impeller, any air leaks into the cooling water flow will cause problems. You might try getting some reinforced clear hose, replace the impeller to stat housing hose with this, see if there are bubbles in the cooling water, if so air is getting sucked in somewhere between the drive and the impeller housing.
You can also check for blown head gaskets that are allowing combustion gas into the cooling water, by doing the same thing with the feed hoses from the stat housing to each exhaust manifold. If you see air in the water flow in those 2 hoses, but did not see it when testing the impeller hose, then that's a sign the head gaskets could be starting to leak, which can definitely cause overheating....this won't show on a cold engine but when the engine warms up enough to open the thermostat housing it will....