What model year is the boat/engine?
The comments/concerns posted by Paul, Grub, and Lou may be correct, because the Antifreeze going into the engine does not displace all of the water in the engine on a 1-for-1 basis. It is a mixing process where the AF mixes within the engine block with the plain water that is already there.
I had a diagram of the process for reference, but I cannot seem to find it at the moment. Another factor is that some of the AF goes directly to the exhaust risers and by-passes the engine and manifolds completely. So, 5 gallons of AF going in does not get you 5 gallons of fresh water coming out. The AF that is in the engine and exhaust manifolds may only be about a 50/50 mixture of the AF and the water that was there.
This process can work fine . . . or not . . . depending on the engine and how low the temperatures get.
In order to really purge the water from the engine and have pure AF in there, you would need to run about 10 gallons of AF, instead of the 4-5 that most kits contain.
FWIW - After 'winterizing' an buddy's engine with this method, I took a couple of samples of the remaining AF/water from the exhaust manifolds and stuck them in the freezer overnight. - they pretty much froze solid. Of course, knowing this possibility, we drained everything after running the AF, so the engine cooling system was empty to avoid damage.
Not saying your engine is toast, but it is one of the possibilities.