Very much so. Over 75 percent of what we discern as taste is really smell. Think about how food "taste" bland when you have a cold. The chief reason it does is that mucus blocks many of the food odors from reaching the olfactory receptors in your nasal chamber. The odor molecules reach your olfactory receptors through a hidden passageway (located behind your palate) that connects your oral and nasal cavities.
Another way to demonstrate how taste buds receive more credit than they are due is to close your eyes, hold your nose, and let a friend give you unidentified samples of familiar foods such as raw apples and onions, as well as various flavoring agents and cooked meats. Chances are you will instantly recognize few, if any, of the foods that you thought you could "identify blindfolded".
** Asian Recipes