Yes, it does smell a bit like burning plastic when 'vigorously heated'. It doesn't want to catch fire though - it boils and evaporates before it'll ignite. It seems almost flame-retardant.
Don't try this at home
"I'm just going to the workshop for a bit"
"Ok honey what are you doing tonight?"
"Setting fire to power steering fluid to see what it smells like"
"Of course you are."