It's hard to say if the riser is included, but since it's got both that big hose in the front and then a little tiny hose near the top, I'd say yes, the riser is included in the closed cooling. And maybe just the "squarish part". Where the curve starts wouldn't have a water jacket and I think that little hose is praying a strong stream into the exhaust at that point.
The benefits to a "full" closed system (which I have never know to actually include the risers) is that the exhaust manifold don't get rusted out as fast, or at all.
In my opinion, if you have a closed cooled engine, it should include the exhaust manifolds. I know it's easier to not include them, but hey, "they went that far, they should go all the way!" And then as far as risers go, Mercruiser or VP should put stainless steel risers on all their closed cooled engines and they would corrode or rust out like iron ones would, even without closed cooling. My engine has stainless steel risers on it, straight from Mercruiser!
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