1995 Jimmy; new battery; when key is turned on and fuel pump runs battery voltage drops to 10.5 to 11; when cranking it drops down to 9.8. Is that normal?

 

Absolute lowest allowable while cranking is 9.6V You'll need to do some testing to figure out what the problem is. Bad battery or starter, do some voltage drop tests, etc etc. The auto parts stores can check individual components but poor connections and voltage drop tests are something you will need to do.