94 Yamaha wave runner 3 starts runs for a bit then bogs down and won’t accelerate. Please help

I’ve got a 94 Yamaha wave runner 3. I got from some guy sat for a little. I got it running cleaned the carb, cleared out fuel lines, new spark plugs and made sure there was nothing clogging up the impeller. I turn it on while hooked up to hose runs great but after a little when I go to give it throttle it sounds like it’s maxed out hitting redline. When I let sit with no water going through it revs up just fine but when I go to ride in water it rides for like a min or two then all of a sudden bogs down and only goes forward when idling. Please someone let me know what’s going on.