So, it isn't "smoke"? But looks like smoke!!
If it quacks like a duck.....!
H2O can be ice (solid), water (liquid), or steam (gas), right?
What you see coming out of a vaporizer (electronic cigarette, nebulizer, humidifier, etc) is simply a gaseous atomized form of a liquid.
This is the duck you think quacks.
The heating elements in a personal vaporizer (aka electronic cigarette) heat the PG/VG/nic/flavor solution to about 230°F at the coil itself. That's enough to excite the molecules into separating and mixing with the air as you inhale it past, creating a "vapor".
So it's not changing form, chemically, into anything else....just changing its physical state. If steam looks like smoke to you, that's the idea. But it's steam made from a solution other than water.
Once inside your mouth and throat, most of it condenses as it touches relatively cooler surfaces. Some is drawn with that air mixture into your upper airways and some into your lungs where more of the vapor may condense. Then again on its way out when you exhale. If vapor is still visible on exhale it's your normal exhaled "breath" (as others stated: carbon dioxide, water vapor, etc) and what's left of the vapor that was atomized from your solution.
Smoke is the byproduct of combustion. Amd no combustion takes place in an electronic cigarette.