Water above the plug is typical, and not a sign of a problem. This doesn't help you right now, but in the future, remember that the only problem that would cause water above the plug would be that the plugs aren't seated properly. You're already aware of how to diagnose this - zero power, because the plug isn't seated properly and is allowing thrust back up past the plug. If you DO have thrust, the plug having water above it, inside the cleanout port tube is simply from the design of the boat. Look around here later on after you're back up and operational.
To be able to help you, we really have to see some pics of your cleanout plug. There HAS been a case of someone with this newer style of plug that put it in, and somehow managed to do so improperly, and got it jammed in there. Ice won't solve this problem. Ice is used on the older style of plugs that have the pushbutton setup that
@Beachbummer was referring to. I believe they ended up having to cut out the cleanout plug, and a rebuild kit had them on their way again. These plugs are extremely easy to disassemble, so you may be able to take it apart and pop it out that way, or at least get a very good look at the problem. Topside, down the tube, there are 2 ears that twist in, and you should notice something out of whack if you get to the disassembly point of this.
There is a chance you haven't jammed it up, so your best move is to try to get us as much visual info as you can, or if you can see the issue, suss out what needs to be done. This CAN be solved, and quite possibly without any cost. I'll try to track down the thread where this happened before (sounds very similar to your situation, at least, but may not be identical to you), and I'll be able get you a link to my thread showing you how to take apart your cleanout plug. All you'll need a #2 and a #3 Phillips screwdriver/bits to disassemble, but you'll want to have something below your boat to catch any screws that may escape. The cleanout plug SHOULD block this from happening, but shit happens, so plan beforehand for the just-in-case scenario. Losing a screw COULD stop you dead in your tracks for this. A magnet to remove the screws topside will help, but shouldn't be a deal breaker.
I work 3rd shift, so I'll be awake for a few more hours in case you're up and reading. There's a slight possibility I won't have to work tomorrow. If so, I'm around Milwaukee, and I might be able to come help out. If not, I can at least track down some information from the threads around here. I won't be checking in until 1-ish tomorrow afternoon, but hopefully you'll have things sorted out by that time.
Be sure to note that your cleanout plugs are the type that Yamaha started making in 2017, and are used in all boats from that year forward, so anyone talking about the dogs being stuck or the button issue are referring to the previous model of cleanout plug, in case you're looking at threads to try to fix your issue - those won't relate to you, and those are the two most-common words to tip you off that you're looking at the wrong type of plug, and those threads won't apply to you.
Here's one of my posts showing disassembly of your style of cleanout plug:
