I started a thread on this last winter (probably can find it with a search) but I have a three blade "planning" prop and a four blade high thrust prop. In reverse, there is a huge difference between these two props but in forward, you hear "things" on the internet about planning or cavitation for these under 10 hp outboards and the posters never have any actual data.
Keep in mind that the boat speed differences I saw for either prop at wide open throttle were minor - like maybe 4% or so. Both props get you to theoretical hull speed just at slightly different places on the curve. The speed difference in forward is not significant. In the noise compared to the speed issue you are seeing.
What I saw can be explained by torque and rpm (and the outboard rpm rev limiting) which makes sense since power delivered is torque times rpm. At 5000 foot elevation, the outboard will not generate as much power. The high thrust prop is lower pitch so at 5000 ft elevation where the outboard power is reduced, still allowed the outboard to get up into the 5000 to 6000 rpm range. The conventional three blade prop with the reduced hp because of altitude resulted in lower rpm so less delivered hp.
A key thing here also is that a high pitch prop will have higher torque than a low pitch prop at a given rpm (assuming equal blade area as blade area also influences torque).
So at low elevation where the conventional prop resulted in faster boat speed, the conventional prop had an RPM just over 5000. I measured the high thrust prop and it was right at 6000 rpm. Even though the high thrust prop had higher rpm, it is torque * rpm that is the bottom line for power and the conventional prop was simply delivering a higher value for torque * rpm.
Another key thing here is that my outboard has an RPM limiter at 6000 rpm. So for that low elevation case with the high thrust prop, the outboard likely had gone into rev limit. This also indicates that the high thrust prop (5 pitch in this case) had too low of pitch if it allowed the outboard to rev limit.