I agree that with very dry wood, the speed of burning and the heat that results is often too much, so there is a reduced amount of oxygen (fresh air vents closed). Creosote is merely unburned wood that is a gas, which then hits a cooler spot somewhere and condenses. It is very flammable, which is the major issue.
The glowing coals do not emit creosote, as the wood gas is already gone from that region. There is only carbon, which unites with oxygen to form carbon dioxide, unless there is a shortage of oxygen, in which case it forms carbon monoxide.
When burning very wet wood, the evaporation of water occurs at 212 F, which is too cool for wood to burn actively. This evaporation is using lots of the heat created, so it is cooling the fire. Oftentimes some of the wood that dries tries to get hot enough for combustion of the gas, but plenty of oxygen is needed. After the water is gone, then the wood heats to 450 F or so and emits wood gas that burns quickly with enough oxygen. Finally, the carbon left reaches 1100 F or so, glows, emits plenty of heat, and forms CO or CO2. If there is no oxygen with the carbon, then we do not get burning and form charcoal.