When the Check Engine Light (CEL) is steadily illuminated, it is an indication that you should get the car to a mechanic as soon as it is convenient for you to do so.
However, when the CEL is flashing, that is an indication that you have a very serious problem, and that you need to get to a mechanic right away. That, coupled with a burning smell, should motivate you to go to a reputable mechanic tomorrow--unless you want to be stranded on the road, have to pay for a tow, and wind up with higher repair costs than if you attend to this problem now.
There is an old saying--"You can pay me now, or you can pay me later". I hope you realize that "later" is invariably more expensive than "now".
If you want verification of what a flashing CEL indicates, I suggest that you consult the Owner's Manual.