Flow seems to be pretty good. Phosphate .12 Nitrate under 5 its only on these two rocks from what I can see. I’ve had cyano on other tanks and this didn’t look the same.
If it falls apart into a slightly slimy mess when you touch it is Bacteria or slime mold But, if it stays together, crushes or breaks apart in larger ridgid chunks it is probably sponge.
If it’s slimy I would siphon it out and lower feeding in the tank. I agree it appears more like sponge, and it is probably ok where it is but it may grow over coral if it is allowed to spread. I have a little bit I just keep it in check if it gets growing over something.