Hopefully you'll get some more "pinpoint" advice from our expert members like Stickandrudderman and Dan Caron/Dr. Benz...
...but it sure looks like some spark plug fouling to me. As I understand it, white smoke indicates a cooling system issue leaking internally, blue smoke tends to be oil burning, and black smoke is unburned or partially burned fuel in the exhaust (rich running) - none of which are good. The popping sound is probably unburned fuel exploding in the exhaust system.
When you are running at high speed, and suddenly release the acceleration pedal, you create a high vacuum condition.
As will always be recommended here, do the split linkage test as a first test.