it 100% alters the taste/smell of the weed.
it makes it like hay or grass like or green tea like if that makes sense.
I tired this out with a recent grow I did, and the buds looks and smell like nothing special at all. zero bag appeal. It would be ok if your trying to make a clean edible as it removes a lot of the bitter bits from the weed. So if you infuse it with booze or butter fat it helps reduce the weed taste and smell making the high be more smooth as a concentrate. As for smoking it though, is not recommended unless its super illegal in your area.
With water curing you can mix it with tobacco and not smell a dam thing. real stealthy.
you need to change the water daily till the EC stabilizes, it also smells RANK! one thing they don't tell you about when changing the water.
my reference point:
https://www.hailmaryjane.com/water-curing-weed/
my water cured weed:
growdiaries.com/diaries/143672-grow-journal-by-m0use