I didn't really see an answer to the original question. My apologies if I overlookeed it. You've pictured a 'Seacock'. There is a through hull fitting which acts as a 'pickup' on the underside of the boat that goes to the seacock. This allows you to pump water from outside the boat to be used to flush. When you flush the toilet the pump will draw water in from the through hull fitting on the up stroke and push the contents of the bowl to the holding tank on the downstroke,
The seacock is a safety feature which allow you to shut the valve to prevent the boat from flooding in the event the intake hose ruptures.
When you haul the boat, especially if freezes in the winter, this valve should be open. The handle indicts direction of water. When perpendicular to the hull as shown in the picture, it is open. When parallel to the hull, it is closed. I wet slip my boat, so I close it when I leave fro extended periods, such as when I leave on Sundays.
These should be opened and closed on a regular basis. When left in the open position for extended periods of time, then have a tendency to freeze. Then when it's needed in an emergency, they can't be closed. A Bilge pump will never be able to stem the inflow of water from a through hull like that.