sounds like low frequency and resonating at natural frequency of system. Have you checked your cutless bearing . Cavitation is more like a crackling noise ie like gravel running down a pipe
The other poss is prop "knock" as a result of the prop/hull clearance not being large enough. Not that the prop hits the hull, but the pressure wave does.
Thanks for your reply. The noise now has a better description, a throbbing noise. Maybe caused by too long a length unsupported shaft. Although the same as before but propeller has greater pitch.