If not steam, I am not sure about the white smoke. I would like to point out the obvious. Your entire intake is full of water, turbo, intercooler, piping etc. Not sure how much your MAF sensor likes getting dunked in water while hot. Related? Not sure. Your intake valves have also been exposed to water. You had water sitting in your cylinders and possibly on your valves during the time that it took between hydrolock and when you got it running again. I would think that some water got past your rings and into the oil.
First things first, get the water out of there! Check your oil for any cloudiness or milkiness. Drain the intercooler. If the motor sounds right and doesn't seem to have any mechanical issues, go run it for a good while and get everything good and hot to evaporate off any water in your systems.
After you are sure the engine and systems are water free, then start troubleshooting. The longer any water is in your engine, the more damage it does. If you get it out quick, you can dodge a bullet. If it sits and corrosion builds up on critical surfaces, thats not good. I have personally brought marine engines back to life after being fully submerged (sunken boats). The key to long term success is you have to act fast.
On a side note, a good friend of mine had an cold air intake on his ALH and ran through a deep puddle. Hydrolocked it. We pulled glow plugs, wouldn't crank. When looking down the GP hole, I think I saw a fish swimming in one of the cylinders.
Having nothing to lose, we pushed it down a hill and popped the clutch in 2nd. It just locked up the wheels and screeched to a stop. Rods were bent so bad, or broken, that the engine was seized.