Most 'alligatored' surfaces either gelcoat or paint, indicate that the undersurface 'bond' is weakened and the material coating is in a severe state of oxidation.
With 'boat paint' thats alligatored its usually 'best' to entirely remove it and start 'all over'.
Thats a back breaking job; but, can be hastened by simply applying WATER covered with an absorbent & plastic film to prevent drying-out and to extend the soak time. The water usually completes the 'lifting' by penetrating into the microcracks of the alligatoring, adding 'caustics' usually enhances the penetration and the 'lift'. With most of the mal-adhering paint 'more loosened', then there is less 'sanding' to do.
Most boat paints are specified as "not to be used below the water line" because they will lose adhesion ... applying 'constant' water helps with the 'lifting'.