Water coming out of a port on side of 2014 Mercury 25 HP 4 stroke engine

[amoulton416]

I started up my 2014 Mercury 25 HP 4 stroke motor for the first time this year. I noticed the tell-tale stream was weak and then noticed water coming out from lower cowling on motor. I took the cover off and noticed water shooting out of the port on side of engine in video attached. It is a small 1/4" hole on engine block below the fuel filter. I did find the small aluminum plug in the motor cowling that came from the port. Does anyone know if this is just a freeze plug? Can I just press it back in?
View attachment IMG_4439.mov