Sounds like a big deal. Also sounds like a great explanation for the phantom "Iso E Super" anosmia that isn't a full anosmia.
Researchers reveal an added layer of nuance in our sense of smell
Jan 2023, phys.org
They've discovered something called a depolarization lock to add to the standard combinatorial coding model used for odor detection, and it turns off the receptors when presented with high concentrations of an odor.
You might already be familiar with this phenomenon for odors like violet and hydrogen sulfide (H2S). In the case of H2S, this receptor-deactivating behavior can be life-threatening, which is why you're supposed to wear a supplemental gas monitor, in addition to your nose, when entering areas suspected to contain high concentrations of the gas.
^This write-up does a good job of explaining the fruit fly experiment that led to this discovery, as well as possible reasons why this would be needed for olfaction.
via UC Santa Barbara: David Tadres et al, Depolarization block in olfactory sensory neurons expands the dimensionality of odor encoding, Science Advances (2022). DOI: 10.1126/sciadv.ade7209
Image credit: AI Art - Cyberpunk Gasmask 2 - 2022
In addition to Iso E Super, Hedione is another perplexing odorant that's in almost every fragrance formulation from floor cleaners to face cream, and yet most people can't actually smell it. Well, you can smell when it's NOT there, but you can't smell when it is. (Old post mentioning Hedione)
And if I'm reading this correctly, it sounds like someone with a hypersensitive nose might be more likely to lose their sensitivity altogether. I seem to have some kind of hyperosmia myself, and yet when I go out to sample perfume, I often can't smell anything at all. Take the same perfume, put it on a strip of paper and leave it on a table in my house for the next 3 weeks, and I will smell the whole bouquet revealed one at a time as the mixture breaks down. The theory being that if you're hypersensitive to a specific odorant, or all odorants for that matter, your "depolarization lock" will kick in at low concentrations.
Post Post Script:
Hella synonyms for the musky odorant referred to above, in fact so many that I just wanted to list them here: Iso E Super, Tetramethyl acetyloctahydronaphthalenes is a synthetic ketone fragrance also known as octahydrotetramethyl acetophenone (OTNE) and by other commercial trade names such as: Iso E Super, Iso Gamma Super, Anthamber, Amber Fleur, Boisvelone, Iso Ambois, Amberlan, Iso Velvetone, Orbitone, Amberonne. It is a synthetic woody odorant and is used as a fragrance ingredient in perfumes, laundry products and cosmetics.
-Hall, John B. & Sanders, James Milton, "Perfume composition and perfume articles containing one isomer of an octahydrotetramethyl acetonaphthone", issued 1975