Correct, it happens just behind the intake water hose where it attaches to the transom assembly. Not a hard fix, and is usually done when replacing bellows. My 95 Rinker had no signs of it by installed the new design anyway when replacing bellows
I just removed and am ready to retro 2 Bravos that had lots of corrosion in the area that you speak of. Not as bad as your photo... I cleaned metal contact points, roughed it up so that hose body would dig in and then primed and painted. Former boat owner had never replaced water hoses since 1995. One problem that I ran into was the ss bolts that held hose connection onto gimbal housing had to be removed using heat(torch) . I was lucky. They were fused but heat, pliars, and patients were successful. Going back with new SS bolts, I don't know if grease on the ss bolt threads might eliminate this problem in the future. I have never had much success using "Neversease" on saltwater applications.