This is almost certainly what's happening, and what you should do about it. My Hunter 340 had a very narrow but deep bilge, and the backflow from the discharge hose would raise the level enough to trigger the pump so it would cycle endlessly. The previous owner had installed a check valve, which stopped that from happening. I fully understand why.
Nobody makes an extended range float switch, which is what would be needed for my bilge. That, or a smaller pump and/or smaller diameter discharge hose.
In addition to what the previous poster said above, also consider raising the float switch so that the pump stops before it draws air. If it stays flooded, it will probably have no trouble restarting. You can test that by intenionally flooding the bilge, get the pump to run (and pump steady), then shut it off. Wait, then restart. If it's a matter of getting air in it, made infinitely worse by the check valve, then it should start pumping instantly when it restarts, as long as you stopped it before it drew any air.
Another thing you can do is drill a small hole in the discharge hose, just before the check valve, so the air can vent enough to flood the impeller completely when it starts. It's obviously best to not even have a check valve, but some boats can be a real challenge without one. Perhaps you should take the check valve out and see how high the backflow gets without it.
Oh, and you could always use a smaller diameter hose if the backflow causes short-cycling, but that's going to restrict the flow rate.
Pick your poison.
Edit: Doh! Just noticed the previous poster also has an H340, so I'm sure he knows exactly what I'm talking about.