Get it checked out. Sinking is really a mess.
I've heard that Bravo stern drives can be run without the exhaust bellows and some come with a special single ended bellows. But I'm not sure on Alpha's. Even if sinking isn't an issue, water backing up into the engine might be.
The other question is why are there holes. If the rubber is old and brittle it can crack. In that case if the rubber on the exhaust is too old, the other bellows are probably too old as well.
If nothing else, a phone call to a reputable marine mechanic may answer the specific question. If the boats on a trailer, why not run it by a mechanic now or before you launch in the spring.
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