In general, yes, as this rapidly removes much of the oil from the water column. The results of combustion are CO2 and water, as well as soot and partially-burned hydrocarbons. The amount of light elements on the surface and mixed into the water column are reduced, though there may still be substantial seafloor contamination from heavier components or partially-combusted material which sinks.

From the videos I've seen, I'd suspect a fair amount of natural gas in the leak, which is typical of at least some oil fields in the area. More so near Trinidad and Tobago, which is not exactly close to the field in question.

Yeah it looks like lava e.g. gas....

I've also read back with the last giant spill that the chemicals they use to 'clean up' really just break the oil down into smaller droplets so it falls to the floor. if that's true it almost sounds worse like micro plastics.

And further reading: the leak is in fact natural gas, so oil / liquids are likely a small fraction of the release.

I don't think anyone can answer that question based on first principles. It looks like the perfect conditions for incomplete combustion with aerosolized petroleum violently mixing with sea water that's getting rapidly pushed away by the force of the explosion.

On on the one hand, it might spread out the petroleum and prevent an oil slick from forming, making it less ecologically damaging. On the other hand, it might be combusting a negligible amount of the fuel and spreading the rest as tiny particles that aren't small enough to overcome a turbulent sea and collect at the surface, so they enter the respiratory and digestive systems of everything in the gulf.