I do not know how hot it actually get's.
Water vapour bubbles will not remain in water less than 100OC at normal tmperature and pressure. It(steam) cannot co-exist with at lower tempeatures. The laws of science preclude this state of affairs. The energy of the 'steam' would be absorbed by the water and the steam would condense back to water.
Yes, liquids will evaporate (losing molecules from the surface) at lower temperatures but boiling only ocurs at one temperature, fixed by that substance and the pressure prevailing at the time. IF, and it is) your water in that pipe is less than 100o it is not boiling and those bubbles are not steam
If you have a pump in the system there is always the possibility of air entering the system. In a thermosyphon system, water will always leak from a tiny hole to atmosphere, not air entering. That leaves you with very little choice, In fact no choice, as to where thatose bubbles are coming from.
Loss of gases at high pressure past a head gasket can either be remedied by re-torquing the head, or by changing the gasket and removal of the cause. Cause could be: bad gasket, liner protrusion, flaw in one of the sufaces, cracked (or porous) item.
That should have covered about all you need. In your case, re-torque and hope it lasts for the duration of the potential hurricane outage.
Regards, RAB