I've had several friends water lock an engine...all due to over cranking a reluctant motor. all were sailboaters. All knew they had "problems" starting for a long time (we got sails!). None resulted in a crack block or anything breaking (the starter motor just isn't that powerful..all that occurred is the motor couldn't turn over and needed a rebuild of the very old engines.
Where does the large volume of water in the mixer come from? The mixer's water jacket may hold a cup or 2 of water (if its removed, held upsidedown, and filled). In its natural state (inverted 'U") it doesn't hold much water. At worst it drains out whats in the "UP" half into the exhaust manifold when the engine stops running. The exhaust maniflod can hold more than that before the water might enter the valves. I don't think that the water held in the "UP" side of a mixer would be enough to water lock an engine by itself.
I could see a water lock occur if there is a perforation on the "up" side, and the engine is cranked long enough and water lock may happen sooner than expected ...that may be where the concern lies. I still maintain that if the riser is badly plugged it won't be doing it's job and the mixer and/or exhaust will get hot, probably enought to discolor it (after six years mine is still looking like new and cool enough to grasp after a day on the water). I'm in cold fresh water but it was used in cold salt water by the original owner for 3 years. The original owner may have changed the riser at some point, but he didn't mention anything...('cuz I bought it from his estate).
It's very common to see several changes in replacement parts from one year to the next that reflect ongoing improvements in materials and design (not always for the better). When you change your riser (mixer) I suggest that you may want use the new style.. end of problem? I've heard keel coolers are nice but not without their own set of maintenance issues. I'm not sure how they would fare in a launch and retrieve trailer boat like the R-21. Dry exhausts can be loud and can generate a lot of heat.
I think I'll stay with the present system, it works, it's quiet, it's on about a bazillion other boats. I'll still keep and eye on all my engine's systems as I always have.
As always, I recommend that anyone take what I say for whatever they want to think it's worth, and I take no offence if they think I'm full of ship. Only keep in mind... what is often reported as "huge" or "problematic" or "widespread" in some internet chat (not this group though), is often not the whole story, and may be from someone looking for warranty or validation for something they won't admit was self inflicted, or have some other agenda. I'm sure we've all read "reviews" on websites for things from cameras to house paint, where 8 out of 10 swear by it, one thinks it's a great product "for the price", and one says it blew his hand off and killed his dog.(but, it's same guy with the dead dog that is on every chat room, review page and comments forum there is).
If I was a bettin' man I'd go with the odds, that Yanmar's engineers know their stuff. (Oh yeah, and I wouldn't let the one handed guy with the dead dog borrow my boat. 🙂 )