Material science has recognized that a given material can be more or less dense WITHOUT having air incorporated.
Yes, some materials can have air in them.
Many floats in carbs are made of a man made material, and it is not organic. I've never seen a plastic float in an SOHC4 sink because it soaked in fuel to change it's boyancy.
Gasoline is lighter than water and floats upon it. This is because it's molecular structure, makes the substance lighter than more densely compact water molecules. Interestingly, water can hold air in suspension. Gasoline still floats upon it.
Cheers,