I never saw white smoke being unburned fuel either--till they started putting ethanol in gas...I think it absorbs water and releases it as steam once the fuel burns..
My friend had an older GM car come in his shop on a ramp truck--its fuel pressure regulator diaphram failed,and it flooded the engine badly...he diagnosed and fixed the problem,then changed the oil,and started the car up--had to back it outside right away,it filled the shop with a dense white steamy smoke!.
--he thought maybe it blew a head or intake gasket,but after letting it run outside a good 15 minutes,and revving it up a few times,there was a sudden "whooof" out of the exhaust,and a flame about 5 feet long came out of the muffler--then it smoked very little,and it finally stopped..all we could assume was the muffler was full of unburned fuel combined with condensation,and after awhile the water boiled off enough to let the fuel ignite...gave us quite a rush!--lucky no one was standing behind the car when it ignited!..