Cobalt makes an excellent boat. I will guess that is the base engine. With boats more HP is always better. If you can afford a larger engine get it. If you think a smaller engine will save you fuel you are wrong. If that's a used boat and it's in good shape and you like it and the price is right I'd go ahead a get it with that engine. Unless you like to load your boat to it's maximum and still expect great hole shot.
I like displacement and have no insight into that motor.
Cobalt makes a nice premium boat. No hesitation at all in buying a cobalt.
Take the boat out with a full load and see how you like it. How long does it take to get on plane. Make sure you test at an altitude similar to where you will use it.