Engines don't know and could care less whether the fuel has ethanol in it. The rubber parts in the fuel system if not ethanol tolerant is the issue. Worrying about water in the fuel is also a non issue unless the boat is used very infrequently. A water separating fuel filter should take care of that issue as well. Been using ethanol fuels for decades in all my vehicles and yard equipment. My weed whacker is 25 years old and the only issue has been fuel line replacement. Even Tygon gets brittle in gasoline over the years. My Chevy Impala burned E85 whenever the price difference was 35 - 40 cents/gallon. 150,000 on it when I sold it.
flex fuel engines are different than simple small engines. on a flex fuel engine, the ECU compensates timing and fueling based on the amount of corn squeezings in the fuel. small engines, outboards, etc. go into melt down around 15% ethanol as simple EFI systems and carbs can not adjust.
hence the big old sticker on small engines, outboards, motorcycles, etc up to 10% max.
Kawasaki, Briggs, Subaru, Honda, Ryobi, etc had a bunch of failures a few years back with their motors in outdoor power equipment, specifically in a few specific states. turns out the fuel was close to E20 and being labeled as E10. this is what stirred up OPEI, NMMA, AEMA, AMA, AACA and GIE (among others) to petition the EPA. Many lawsuits followed
comparing your flex-fueled chevy to a marine motor is like comparing tomatoes and peanuts.