I agree, there is, or at least should not be any combustion or ignition going on in a PV. However, what about endothermic reactions? Could there be endothermic reactions going on? Possibly. There could also be slow combustion with sweeteners, maybe even flavors, especially when attys are dry burned or not wicking properly. I wouldn't use a high voltage PV, because I hear so many getting a burnt taste. I've never gotten a burnt taste with a 3.7 volt battery. I've seen pictures of burnt wicking material, but I've never seen any in my components.
The PG and VG in a regular voltage PV are neither combusting or igniting, it would take temps around 700F, and a properly wicked atty isn't reaching those temps. Ejuice is not a fuel, the battery is the energy source, PG and VG only ignite at very high temps. Much like water boiling on a stove, vaping is a simple physical reaction, not a chemical one.