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All three of the high-thrust Yamaha 9.9's that I've owned had the device pictured here. I am fairly sure it is a voltage regulator, as bought this one as a replacement part.
Also, even with 2 motors charging the battery on my old boat, while running at 3/4 throttle for long hours (8 to 12 hour days under power), the voltage did not exceed 14 volts. They would also maintain the voltage above 13 volts even at idle. Thus, they must have had voltage regulation. Maybe this was an option, but with electric start (which 2 of my 3 motors had), it seem like it would be a standard feature.
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