I have a 3.0 Volvo Penta in a 2003 Glastron 175 SX.
And no it was not in gear. I just checked and put it in gear and the lever at it's stop, removed the ring on the linkage of the throttle cable on the butterfly so to move the butterfly freely and tried pushing it further but it is fully open so that actually answers my question. The engine at full throttle in the water runs at about 2300rpm (40m/h). I thought that was low and expected to at least run 3k rpm. I suppose 2300 rpm is a pretty safe maximum cruising speed.