Zoya polish still smells like nail polish, but the smell is not overwhelming. It is comparable to other polishes which claim to be 3 Free or 5 Free, and less smelly than polishes that do contain toluene, formaldehyde, etc.
I just pulled out some of my nail polishes to answer this question haha. So there is a typical nail polish smell to my Zoya bottles. It is somewhat in the middle. I have some polishes that are much stronger and some that are much weaker smelling. The Zoya's overall scent tends to me more pleasant than any of my other polishes though in my opinion.