The safety switch is mounted on a flat metal bracket, which is held to the powerhead by one Hex head bolt--the bolt under the red arrowhead in your picture. If I'm not mistaken, you can remove the bolt, bracket and switch as one whole assembly without removing the flywheel.
BTW, people cook those safety switches every day by attempting to replace the stock OMC solenoid with a Ford solenoid from the auto parts store. The Ford solenoid looks identical, but is different inside. It will instantly destroy the safety switch the first time you attempt to start it. And I do mean destroy. It melts the switching contacts inside.