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I'd be concerned.
The simple answer is "take it in".
The investigative answer is to pull off the inside cover while running and see what's getting hot. There's a control box in there with some circuitry. With it NOT running, I'd sniff around (literally).. If it smells toasty, that's bad. You could run it and nothing inside should be hot to the touch.
Outside of it, which shouldn't really provide odors - there is another cover. The parts up there should get warm, it's part of the AC function, but should never smell like burning electrical.
Ideally these are breaker protected, but sounds like something is up with yours.
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