yes.
When the engine is running, the exhaust exits through the middle of or behind the prop with enough volume to clear the "pipe" andf evaporate off anything that is left behhind. When you stop, water rises up the exhaust to match the level of the surrounding water surface, as it has nothing pushing it out.
When you lift the engine out, most of the water will run straight out (you'll see it happening), But there could be a bend or cavity which traps a bit. If you then raise the leg higher than the powerhead, gravity takes over and the water heads for the cylinder...
Most O/Bs tend to lie with the gearbox lower simply because the gearbox is smaller than the "main lump up at the top". As Fenlandser says, a bit of elevation / padding always helps.