I'll check my shop manual on the 90 and see if it mentions "hypoid" also. Interesting that the owner's manuals don't.
For whatever it's worth, both of West Marine's branded lower unit lubes are rated as meeting or exceeding GL5. I'm not pushing their products, but in this instance, do highly recommend both, in preference to other brands. I particularly like the synthetic, and have had excellent results - virtually no metal loss from the gears (consisting only of a very fine powder residue on the drain plug), and no bearing failure or visible wear.
What I really like is that it stays amber, rather than turning black and stinking of sulpher - yuck. Staying amber means that it's easier to detect any water intrusion and solids when you change fluid. Just collect it in a clear glass bowl, and hold it up to the light.