Can failed exhaust gasket let water into cylinder causing white smoke?

[G'DayG'Day]

Rookie question, but would a failed exhaust gasket allow water into the cylinder causing white smoke?
I have a 1997 25 HP Johnson. It's been blowing white smoke for a while, so I replaced the head gasket (no sign of failure there) and it's still blowing LOADS of white smoke.
Motor runs really well otherwise.
Ran it hard for an hour on the lake and it stayed at about 40km/h the whole time (2 adults, 2 kids in the boat).
Mechanic mate said that it could be a cracked piston ring especially if it gets worse when it's hot, but compression test shows it's OK and it doesn't lose power.
Now wondering if water can get in via the exhaust gasket (there's no external evidence of failure). I.E. No 73 on this parts list

https://www.marineengine.com/parts/...urer=Johnson&section=Cylinder+&+Crankcase

Ideas anyone??????

 

[fdrgator]

Con only answer part of your question: Yes, a failed exhaust gasket can allow water intrusion into a cylinder. Question is, is that causing your smoke? I don't know.