If it helps you understand what's going on down there, consider this:
You and I are creatures swimming around at the bottom of an ocean of air. There are not too many differences between our air-ocean environment and that of an ocean of water.
Our ocean is simply much less dense, offering less resistance to our movements. It is more oxygen-rich, which helps our bodies out in a lot of ways. The low density means it's harder to remain bouyant, so even birds have to land sometimes - they can't remain floating in our ocean like fish can.
Once you look past the various differences of us having an ocean made of air instead of water, the numerous parallels emerge. In a lot of fundamental ways, air and water environments are not very different.
What smells and tastes are carried in the water?
All things that can be smelled and tasted over the water itself. Just like air currents will carry the smell of fish toward you, water will happily do the same. Smells and tastes are just molecules being picked up off what you're smelling.
I'm not sure how the resistance of water affects how smells would be carried, though. Would they take longer to reach your nose, or less time? Would smells tend to spread out or not?
In your campaign, unless you do some research on this on your own, you should probably just let the scent of smell work the same way it would normally for us people in this ocean of air. Your players don't need to deal with a different way for smells to work, and I'm sure they won't miss it. If one of them is an expert in this, it might bug them, but then you can just ask them how it works and go with that if your players want to.
What weather affects the depths of the ocean?
Currents and underwater waves of various strengths are scraping the surface of windiness, but there's a lot more and very different weather going on down there. There's no RPG-specific information I can provide you with here though: I suggest you ask somewhere else.
What sorts of fantasy weather would be appropriate underwater?
Any you can think of that would be fun! Fierce vortexes and strong currents and underwater waves. Clouds of black water coming alight with electricity - it's magic, it can work. Volcanic geysers and underwater landslides are a real thing, and would be fun there too!
You have water currents instead of wind, numerous things that could occur on the ground (many of which could occur just as easily on our ground), and anything can appear in the water the way it can appear in our air.
Even fire and lightning events are not off the table if it's from a magical source: normally those things are quenched and disperse in water, but this is magic.