[MERCrunner]

That elbow is actually plastic and is at the leading end of one of the heater hoses. On the end is a quick connect fitting for the metal tube that it connects to that leads to a rubber hose that in turn leads to the water pump housing. That elbow & fitting can be brittle after this many years, so be cautious when handling it.

 

[MERCrunner]

Now that you've circled the part, no. Thought you were referring to the elbow above it. I have a '04 Sable with the same engine and just took a look. Nothing like that on mine. Only thing remotely close to that is a wire harness that has a flexible aluminum heat shield wrap around it that passes further down next to the tranny dipstick tube and disappears between the engine and tranny. Not sure what that harness feeds.