> a transpiration stream, that ultimately ejects water vapour from the leaves

I don't believe this is correct, or rather is not a required component of the system but rather incidental. The chemical system within the leaf removes water via chemical reaction. There is a respiration process to dispose of waste gasses. Water vapor happens to be lost to this process not of necessity but rather because keeping it separate is quite difficult (ie requires significant complexity and additional energy expenditure). I expect that many desert adapted species approach perfection (but have not bothered to verify).