No. If it were diluted as per homeopathic medicine it wouldn’t (ever) work and there wouldn’t be the olfactory side effects. The zinc is labeled as 1x and 2x in the product I have.
I personaaly would not use it because there is evidence that Zinc Oxides can reduce sense of smell. This is common where galvinizing metal with zinc is done. And I have had it happen to me when I tried to weld a piece of metal that I did not get all the zinc coating off of.