You need to modify your breathing to make better use of the snorkel. When you first start, you are probably breathing very shallow breaths. If not enough air is exhaled, then on the inhale you are simply re-breathing what is in the snorkel. If you make the effort to breath deeply, then you get through that bit of "dead space" in the snorkel, and breath fresh air.
Another thing you can do is to cut down the snorkel. For my 16 mile finswim in the Umpqua River in the 1980s, I used a ScubaPro Shotgun snorkel (at the time the driest breathing snorkel out there), but cut off the upper 3 inches. This reduced that volume.
Finswimmers use a racing snorkel, but it is not a duel-channel snorkel. It is simply one which comes over the forehead, instead of to the side, of the swimmer. Up until about 10 years ago, most were home-made. Now, at least one is on the market (Finnis) which has an exhaust valve below the swimmer's chin. If you want to see it, google "Finnis snorkel". If you want more information on finswimming (a good cardiovascular exercise program with a monofin, goggles, a nose plug and a racing snorkel), google "finswimming".
Finswimmers compete in distances of 100, 200, 400 and 800 meters in pools like competitive swimmers, and they use a snorkel, so you cannot blame the snorkel on CO2 buildup. You need to work on your breathing technique.
SeaRat