Taste and smell are chemical senses, which means that they are both estimulated by chemicals.
The taste receptors in the mouth (taste buds) and the oddor receptors detect the chemical components in the food or air and send nerve impulses to the brain "telling" what is being tasted or smelled.
The oddor detects many more chemicals than the taste receptors and contribute to the sense of taste.
For example, if you were to have astuffy nose, the taste of food will be bland, compared to when you eat the same food without a stuffy nose.
Considering this, you can say that the statement is true.