Open radiator cap when engine is cold.
Let the engine get warm till mid point.
Then check bubbles at high rpms.
If thermostat valve is closed, it traps air bubbles too, since the small hole in valve for bubbles usually gets plugged with rust. So bubbles are only visible when thermostat valve is open.
First check bubbles this way and post back findings.
Steamy fumes from exhaust is usually bad head gasket if it's also creating bubbles in radiator which is dependent on engine RPM.
Any milkiness in oil cap?