Glad it is working out for you.
The coating is peeling off, as all coatings will do eventually, regardless of claims by vendors. It's because moisture eventually breaks through at some point, and gets behind it and moves along.
Can't tell if it's galvanic damage from the photo, have to scrap off the coating (look for pits) to see what's behind it. If no pits and just white dust, then any restoration serves for cosmetic purposes only, not structural ones. So it depends on your needs. Eventually, if you keep the boat long enough, all the coating will be doing the same.
I don't think it's galnavic damage since it looks the same above the waterline as below.
You didn't say if any water was found inside, and if so, how much. There are mini sumps at the bottom that need to be drained from season to season, and measure the amount of water to see if it increases. Some water is ok. Just place a 5 gallon bucket under the plug(s), and let the water drain, then pour into say a soda bottle to get approx. amount.
I see something esle, normally the engine mount bolt heads are in the inside of the drive, this appears to have been done opposite, with heads facing rearward. To me it would be easier to seal the lower drive holes (to keep water out) if the bolt heads were on the inside, that's just me. Nothing to panic about, perhaps others have seen it this way, I never have. As long as the lower holes especially are sealed, it doesn't matter.