Unfortunately I bring bad news. Yes you may have a soft spot right there but I doubt very much that the water is limited to just that part of the core.
First thing I would do is remove the water fill fitting and that electrical socket next to your tape patch and a couple of those bolts (not the ones on your mast collar). If water runs out then this entire area is wet. You will see the core at these holes no problem. Don't cut new holes in your deck from the outside.
I have just dewatered my foredeck and yes it was wet from the hawser almost to the doghouse.
Over the years I have been removing the deck hardware a few at a time, digging out the (wet) core, then backfilling with thickened epoxy and drilling the holes so it wont leak again. The builder did a really poor job making sure the deck fittings didn't leak, I guess on average 1 in 4 bolts had an incomplete seal.
Two years ago I started on all the foredeck fittings. I left this area too long but I started with other leaks that were more obvious. Only thing I could not remove was the mast collar even with 2x6es and a hydraulic jack. Many years of trying- it didn't budge. The cleats looked OK but the feet of the pulpit were leaking at a couple bolts and the 8 bolts around the mast were all leaking. These bolt through angles under the deck and are structural.
The deck is cored with plywood from the bow back to somewhere where your green tape is. From there back it is balsa. You can see exactly where from the inside. The balsa core is thicker than the plywood so there is a step. Might be right where your green tape is but all boats are slightly different so I'm just guessing.
Some people have cut the entire deck open from the outside and replaced the core around the mast. If you are careful you could remove the whole deck here, repair the core, and glue the deck back on. If you start cutting holes where your tape is you will ruin the deck.
What I did is- cut holes in the inside with a hole saw to expose the core, let it dry for a while, remove all the fittings and reseal. Now after two years, I can see the core through the holes on the inside and it is dry. Bone dry. The plywood is not bad but needs to be soaked with thin epoxy. The balsa that was wet is no longer any good, you can easily break it with your finger. But that means I can dig it out, vacuum the dust and fill the void with thick epoxy.
Tom
26C #28
Penetang