I'm far from an expert, but I've worked on woodworking machinery before. Try turning the arbor by hand. If the arbor bearing (3rd picture) is bad it'll usually feel or sound rough even just moving it by hand. If it doesn't, it might still be good.
As for the smoke/smell, it might've been the seized bearing generating too much heat and melting something on the armature, or it could be a problem with the brushes or the motor windings.
From what I understand, those universal direct drive motors are usually not very serviceable. That said, technically the armature assembly is a unit that's separate from the gearbox. With enough force they should separate which will you give you access to the other bearings. Here's an armature assembly on its own:
https://i.ebayimg.com/images/g/cf4AA...BdO/s-l300.jpg
Maybe try putting it in a vise? If you can set it up so you're pressing the end of the arbor towards the gearbox it should theoretically pop out. Though sometimes there are retaining rings and whatnot holding it together so who knows whether it'll work. You could try finding a parts diagram for the saw and see if you can get any more info from that.