If you are losing coolant and it's not appearing in the bilges, then it is going out of the exhaust, which usually means a failed head gasket.
This could indeed happen..
But, since the pressure in the water jacket is going to be about 10psi, and the pressure in the cylinder during compression and power stroke higher by a colossal margin, this pressure gradient is more likely to squirt combustion gasses into the water-jacket rather than the other way round...
This would result in high pressure in the coolant circuit, causing coolant to vent into the bilge where its colour would make it easy to identify.......