My understanding of the "smoke of Satan" speech is that it was crocodile tears over the destruction of the Church since Vatican 2. This speech gave Novus Ordo conservatives the basis to say, "See? Paul VI wasn't all that bad. He regretted what happened in the Church after Vatican 2. This proves that he wasn't really the problem to begin with; it was the liberals who took Vatican 2 too far that were the problem."
I even had someone say that to me once, that this speech proves that Paul VI wasn't really the destroyer, and that he was against the destruction.