The main exhaust is under water (thru the prop hub) but the exhaust bypass is above water. The bypass is for idle speeds, when there isn't enough exhaust pressure thru the hub.
When you say it spits out the exhaust, I assume you mean the bypass.
My Merc spits water out of the bypass, but no gas.
If it were spitting straight gas out the bypass, I'd think you'd have bigger problems, like a motor that barely runs because it's too rich or flooding.

It might spit some out if you run it out of the water, like during a flush, since there's no backpressure on the exhaust.