I cannot answer to your engine specifically.
But I think that most marine engines do have a Rev Limiter to prevent engine damage if you have the prop come out of the water, or strip the prop hub, etc.  It is likely to be set quite a bit higher than your maximum recommended rpm.  For instance, if you engine shows a maximum recommended WOT of 4600-4800 rpm, then the Rev Limiter might be up towards 5500rpm?
Old tech carbureted engines with points/condenser ignition had a Rev Limiter on the Rotor (in distributor).  I'm sure I hit my Rev-Limit a few times with my previous 4.3L going wild jumping waves in the Atlantic.
Newer Fuel Injected / Computer Controlled engines can have a Rev Limiter using the Ignition or Fuel Injection.  Maybe someone will have a better answer for a 5.8L Ford, but my main point here is that you are probably NOT hitting your Rev Limit if you have correct prop in the water.
					
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
  tow: 2017 Honda PILOT EXL-AWD
  prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings