In the below I am assuming you are using Diesel Fuel.

It was a Long time ago but someone posted some pics of Prechambers that Bad Injector Nozzles spraying on the Chambers had caused. If Fuel Is sprayed onto the walls of the prechamber it eventually cuts through them and does the same to Glow Plugs.

Low Injector opening pressures do not help either.

White Smoke can be unburned Atomized Fuel.
When I had that happen is was indeed extremely late Fuel Injection Pump timing. I got billows of white slightly Fuel smelling smoke. In my case doing a proper job timing the Fuel Injection Pump fixed that.

However, one also has to think about the Unburned issue. If there was Cylinder or Cylinders with poor compression that create enough heat to burn the Fuel you would also get white smoke.
A Compression Test might answer that one.

The other cause of white smoke; coolant leaking into the Cylinder from crackes or Head Gasket. A Head Gasket issue could also cause a compression loss issue and it does not have to leak to the out side. You can have a Head Gasket issue right between 2 ajacent Cylinders. That would show up on a compression test as 2 low cylinders in a row.

Or a some combinatin of all of the above.

You said you are not losing Oil but I am going to throw in that if the Seal on the Turbine End of the Turbo is leaking a bit the Oil will burn and ceate some smoke. But, it would not smell like Diesel Fuel.

I am not sure what would happen if there was some problem with the Timer as I have never read any threads where one broke. But, if that Timer was not advancing as rpms pick up that would make your Fuel Injection Pump timing late.
If the above was the case I think it would not smoke much at idle speed but would smoke a lot as you accelerate.

Sticking Compression Rings would lower compression.

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84 300D, 82 Volvo 244Gl Diesel