A structured hypothetical argument. ぷかぷか is a 擬音語 mimetic for puffing on a cigarette or pipe — the soft, repetitive sound of smoke being puffed out. The sentence nests two relative clauses modifying 先生 and 生徒 (a smoking teacher, a smoking student). The pattern ~ても ('even if') introduces the hypothetical scenario, with だろう as the conjectural conclusion.