Probably not corecell M, perhaps an earlier corecell with a lower hdt.
It is unlikely this boat was post cured. So the first thing to happen when the boat heats up, based on my somewhat amateur knowledge, is the epoxy begins to post cure when the temp reaches more than it has ever encountered; say around 140F.
This outgassing of the epoxy would bubble the paint or seek a way out. And so, that is the first bad thing to occur.
As the heat rose to the hdt of the core; or epoxy, the delamination occurred.
Or perhaps the black color is from the paint exceeding service temperature. But at any rate; these are the first things to go wrong..
Hard to say how hot how fast; so the other thing to recognize is the epoxy quickly goes to post cure; some outgassing, and maybe hot enough to burn on exit of the paint, or same with the paint; something exiting and burning on way out of the stasis.