Does the human body metabolize what it smells, even in trace amounts?
Olfaction is the result of the neuronal impulse of ligand / receptor binding. To smell something requires 1) Specificity between the receptor and the ligand, 2) Concentration of the ligand molecule, and 3)The receptors that are on the surface of neurons in the olfactory bulb.

As for metabolize, then you need to be much more specific in defining what you are considering metabolism. Is the molecule broken down further; does it pass into the cells directly; does it need to be the unaltered molecule to qualify as metabolizing the molecule that you sensed as a smell.

The majority of our mucus in our airways is moved to the digestive tract as the result of ciliated epithelial cells "sweeping" the mucus and everything trapped in it to our esophagus, where it goes into the stomach and is digested. It is hard to say whether or not the molecules that you detect as smell are reactive, and if they are, whether or not they would chemically react with something else before it got to your stomach. 

Also the volatile chemicals which you sense as an odor, aren't necessarily what would constitute the substance that they emanated from. So I would probably argue against your conjecture that someone who decides to be vegetarian or who has a peanut allergy is metabolizing something just because they inhaled it. It is likely the proteins in a peanut that cause an allergy, and that is not what you are inhaling, and as for the vegetarian, I think the justification is that it would be the protein that constitutes the consumption of a meat and not the molecules that come from the cooked or uncooked tissue.

If you want to broaden what you are calling metabolize, then you would only need to look at inhaled medicines such as corticosteroids or compounds to bronchodilate, to make a case for the fact that you are metabolizing what you inhale.