A lot of smoke when using induction stove with any recipe with oil
What kind of oil you're using would be helpful but, really, the answer is, whatever temperature it is you set it at, it's too hot.

Turn the temperature down.

The temperature gauges shouldn't necessarily be trusted to give you a perfect temperature reading. You can use an infrared thermometer to test it but your result tells everything, really.

If your gas stove was underpowered "high" heat may not have really been that high and the induction stove is probably stronger, so you're overheating your pan.

Since you added your oil usage:

Olive oil is a very low smoke point oil (325-375°F/165-190°C), so it should never be heated so much. Some sesame oils are also pretty low (350-410°F/175-210°C), depending.

Vegetable oil (400-450°F/205-230°C) is much better. Soybean or peanut are even higher (450°F/230°C).