ATM/Holley verses Carter 625 AFB

Every fuel is different dependent on what the fuel chemist choses to use in his blend. What doesn't change is the chemistry and process of combustion.
But the combustion process can be different, and that's why the chemical reaction can end up with different percentages of the various exhaust products.
That was one of Shrinker's points. One set of combustion chambers, compression, heat in the walls, etc and distribution may prefer larger drops or smaller drops for best power. As extreme examples we know from the restricted carb classes that its possible to build engines that make power with high manifold vacuum at WOT. A TR will be at the other extreme.