Is it safe to use cooking oil that has been heated for too long?

The One

New member
So many times when I decide to cook an egg, I preheat my canola oil. However, sometimes it heats up for few minutes too long and begins to smell a little "burned" until I drop the eggs in it and the smell stops.
Now I wanted to know if using this oil is dangerous or not? The colour hasn't changed, it just begins to smell burned.
 
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