Yes
The way I understand it( I have an old diesel injection text book from one of the state education depts., the type apprentices mechanics have)
It says that when the timing is advanced the fuel enters the combustion chamber and hits the cyl walls . The "whiteness" is from condensation.
Obviously its not the only way you can get white smoke. Other ways are bad glow plugs or low compression, but these are also symptoms of combustion that is too cool.
Timing can be advanced because of weak injector springs allowing the injector to open early, or from a badly adjusted pump.
To burn the fuel properly, the fuel needs to enter the combustion chamber when the air is fully compressed and white hot. It instantly combusts as its sprayed in. I guess it would look like a flame thrower if you could view it in slow motion.
And black smoke is from either too much fuel or a spray pattern that that inhibits a proper swirl pattern