nope that is the older style Aquatic drive system, the style that would work for the Cobra is the Volvo SX, 1994-2005 or so. The reason why is that OMC and Volvo went into a joint venture in 1993/4 and the OMC Cobra was redsigned to use cone clutch shifting. These were sold as the Cobra (up to '98) and the Volvo SX (up to 05 or 06), the units were identical except for color and manufacturer model & serial numbers. The parts changed were the drive, the pivot housing and a few other minor things. To do the conversion, you have to repace the pivot housing with the Volvo part, add an engine mounted impeller, and it may be necessary to change inner bushings in the trim rams. All in all if the boat is in excellent shape it makes sense since parts are available, and techs will work on them. The Cobra itself is not a bad drive, but now parts are not as available and many techs do not know how or are willing to work on them. But the cost, a good SX uses is like 3500-4400, then there are the other parts by the time you're done you're at 4500-5000. That's why I picked up a good used Cobra for less than a grand.
If you're interested in changing to a Merc drive, there is an easy way (Sterndrive International's Cobra conversion kit) or a more involved way (pull the engine, the Cobra transom mount, etc and replace all with Merc Alpha 1 Gen 2, which again is a lot of work but cheaper than Volvo, and makes your boat very repairable, and sell-able as well.