Yes, and yes...
Gary, yes. The governor prevents overspeed.
Indeed, one of the tests you do on a diesel is to confirm the no-load speed. That is, you warm the engine up fully, disconnect the linkage, take it out of gear and advance the "throttle" to full, then measure the RPM. The no-load RPM on a 6V92 in a marine application is typically set to 2500.
Full-load RPM will be about 150-200 RPM off that, if the boat is propped for full power.
The DDECs are electronic rather than mechanical, but there is still some "slop" between no load and full-load RPMs - although not as much.
Typical "spec" from various marine engine people (e.g. Cummins, Cat, etc) is to run at no more than 200 RPM off the maximum for continuous operation. Due to prop demand curves this should result in an injected fuel amount of no more than 80% of maximum. This is for a relatively-conservative rating - for one that's very aggressive, as your boat is, I'd want to be in the 70-75% area at 2100.
In a marine application the usual arrangement for the governor corresponds the "throttle" (which is really not correctly named, as there is no "throttle" in a diesel!) directly to a RPM setting. That is, you select the RPM of the engine with the throttle lever. The engine varies the fuel injected to maintain that RPM across varying load (e.g. up a wave, down a wave, into the wind, with the wind, etc)
This is very different than in a "road" engine, where the throttle position roughly corresponds with the power output, with a hard RPM limit at the maximum specified.
Walter, the issue for these engines in terms of what you want to do is mostly a function of whether they stay fully warmed up. If they do, and you blow them out every few hours with a 10-20 minute run at cruise power (1900ish), they'll be fine. Trouble begins if the temperatures start to drop. Anything below 170ish is bad news; that's the opening temperature of the thermostat, more or less, and the engine has to produce enough heat to keep itself clean. If they run cooler than that its bad news, as you will get incomplete combustion and the carbon will build in the ring grooves. When a ring sticks it will either score the cylinder or break - either is very bad news as it will hose that cylinder immediately, and if you get unlucky with a broken ring the piece(s) can come back into the airbox port and then be trapped, doing catastrophic damage in that cylinder or even worse, wind up with pieces floating around in the airbox and going into OTHER cylinders.
In older motors one common reason for this to happen is the thermostat housing seals. The thermostats in these motors are kinda bizarre - they are a bypass design, and either run the coolant through the H/E or bypass around it. There are also two thermostats - one for each side of the motor! In the housing there is a seal in which the thermostat poppet rides - if this is worn and leaking the engines will run abnormally cool at part-power settings. If you've got this problem, you need to pull the housings and replace the seals, along with checking the thermostats to make sure they're fully closed at temperatures under 170F. Its not a difficult job but does require partially draining the cooling system.
The 6V92 is not a bad motor, but you have to be aware of its heritage and what a REASONABLE output level for it is on a continuous basis. Anywhere beyond 300 HP on a continuous output basis is trading power for time in terms of durability. You have a 552cid engine - the general "rule of thumb" is that for really good service life you want the maximum output at WOT to be somewhere around 0.8hp/cid, which would be right around 440HP. This would make the output at 200 RPM off the top in the neighborhood of 300-350 HP.
0.9hp/cid is the "wall" is IMHO "the line" for good service life in "heavy recreational" (over 100 hours/year) service, which is 500HP.
Beyond those ratings you're playing with hand grenades with loose pins.
You can loosely determine output from fuel burn - diesels develop roughly 16hp for every gph consumed, give or take a bit (the newer full-authority electronic motors - DDECs are NOT in this category - do a bit better due to varying injection timing, but for Detroits these numbers are reasonable solid.) So if you know what you're consuming from the tank, you can roughly determine how many mustangs are being requested.
The final thing to be aware of is that these are "wet liner" engines. The cylinder liners are held in place in the block with O-ring seals. If you EVER overheat these engines, you are almost certain to compromise the seals, which will result in cross-contamination of the cooling and oil systems. As such the cooling system condition is critical, and it is very important to not allow these engines to ever exceed 185F. A wise man installs alarms that sound at 195F, and never hears them ring.....