Hi,
What is the year of your outboard?
Carburetors or fuel injected?
Do you have a fully wired remote control?
People trying to help might need that info.
I don't know specifically but, to my knowledge, Honda has been using engine protection for pretty much all outboards made from the 1990's on and before that on many models.
However, the system is supposed to sound an alarm, light a warning lamp and then step down power in increments before shut down in the case of overheat. And, in many cases I've read about here, the system will reset when the key is cycled and the engine will restart even if only for a short time before alarming and depowering again.
For low oil pressure it allows the engine to continue to run in a limp home, greatly reduced power mode.
As with anything electronic though, the system may have malfunctioned for some reason.
Does the engine crank ok? If so,.that might be a good sign for you.
Sorry you're having troubles.