If this Merc engine is strictly RWC, it likely employs spring-loaded-ball-&-seat poppet-style valves on either side of the t-stat housing .
If one of those balls has different spring pressure than the other side or there is debris buildup holding one semi open or closed, there will be different bypass flow to the ex manifolds and risers and temps will differ. Water flow seeks the path of least resistance .
I'd check those poppets 1st.
Note that if it has been that way for quite a while, the lower-flow side may have more mineral & rust buildup than the other , & that further contributes to temp difference.
Common preventative maintenance replacement schedule of RW cooled cast exhaust parts in SW is around 3 to 5 yrs as Signature suggested above, though many boater take their chances of bigger spendier problems by ignoring that kind of timetable. If you replace them , be sure to "deck" them gasket mating surfaces of the iron. Even if they look and feel flat , they aren't .