Good detective work
Coolant coming out of the bleed hole does not rule out an air bubble, my bike, in particular, will never bleed out all the air without a vacuum bleeder. A quick check is to let it get fully up to temp, to the point the fan comes on, then shut it off in a silent environment. Put your ear near the top of the motor and listen for a "dripping faucet". If you hear any water noises, it's a bubble (or a cracked head).
Thermostat and Radiator cap are good cheap parts swaps to see if it'll fix the problem, the KTM increased pressure cap I've linked elsewhere on the forums is cheap and usually on hand if you have a KTM dealer near you. The extra .4 BAR pressure has had only positive effects for my bike, no more hoses collapsing at sustained high RPM (5000-8000 through mountain roads), no more boilover upon shutdown as so many rockets have where they spit a few drops of fluid out that run down the engine just ahead of the oil tank etc.
As my first bike, my Daytona 955 scared the crap out of me when I first bought it. It would reach 118c-120c in stop and go traffic, no warning lights, all searches indicated that was normal temp for the bike, just at the upper end of the normal range. That was 9 years ago, haven't so much as swapped the cap or thermostat and it's still completely healthy (dynoed exactly what it was supposed to when new at a ripe old age of 17 years on).
Sitting idle in hot weather, with the fan on the rocket really doesn't cut temp too quickly, but it should slowly work it down from 100+ to 96 ish. It's a large heat load, a small fan, and it's meant to be moving.
When it's 70f outside, it takes about 15 miles for my coolant to reach 80c, and about 25 to hit 92-93, where it wont go beyond while I'm moving or much below once it's passed 90c. Even on hot days, it sits at 94-95 unless stuck in traffic. This anecdotally supports your evidence of a 90c cracking temp. I run water and water wetter only though, so my temps will inherently be a little lower than those running glycol based cooling systems.