It is impossible to predict the smoke situation even a day ahead. The fire risk is still very high and new fires will start every week ... whether they will affect Sedona is unpredictable. The current fire will not be producing smoke that affects Sedona.
When smoke is present it varies from smoke visible in the distance with no degradation of air quality, to something worse than that. This is a risk every year, and this year is not particularly worse than the past decade (despite an extended drought). Los Angeles has had worse fires than Sedona, to put it into perspective. Remember the Oakland fire of a decade ago? That almost reached SF Bay, despite having an urban fire force fighting it and lots of high-tech assistance. Fires are just part of life west of the Mississippi and if you need to avoid smoke then that is a problem.