So, is this burning more fuel per unit of air why (one reason) E-85 is supposed to make more power than Gasoline (even equal octane race gas)?
You gain the power because you're burning a more powerful fuel.
To burn that fuel you need a specific amount of air. That value changes based on the fuel.
You aren't gaining power by burning more air.
If you burn race fuel with a similar octane rating as E85 then you will need to adjust the air volume but will make similar power.
You select parts to burn the fuel you have in mind.