Agree to disagree Jake.
Four things are needed to produce a smoke ring. Myoglobin, nitric oxide, Oxygen, and carbon monoxide. The NO and CO are produced during the combustion process. The myoglobin is a protein in the meat that stores oxygen. This protein acts as a transfer portal into the meat for the NO and Co to penetrate the meat cells. Those gases can only penetrate to the extent of the myoglobin concentration. So that's why I say penetration YES. Proteins like beef have a higher concentration of myoglobin then poultry. That's why you don't see a grand smoke ring in chickens and turkey's. As for smoke flavor most of that is on the outside of the protein, and many factors can determine how strong or weak the smoke flavor is.
Chris
BTW the red juice you see on the plate under/around a raw steak. That's actually myoglobin juice.