The volume of fuel that can be sucked into the engine will vary according to the height of the fuel in the bowl
restricting the fuel supply causes to level in the bowl to drop so less fuel gets into the engine
You get black smoke from a retarded spark because the flame does not have enough time to burn all off the fuel that has entered the cylinder or because the piston has past maximum compression so you get a lazy yellow flame rather than a strong blue one
Petrol burning in a dish has a yellow flame & black smoke .
Similar story with valve timing combustion occurs at less than optimal cylinder pressure so you get a slow yellow sooty flame .