I bought a 15mL bottle of acetone to do further testing and comparison. Judging by the smells, I can now conclude that the similarities of acetone. reducer and cement ends there. The don't even smell the same when smelled simultaneously or one after another. Cement has a mild ketone/ethyl alcohol scent, followed by the reducer, with the acetone as most potent in vapor fume. Acetone also evaporates rather quick, cooling skin as it does. Extra Thin and the reducer evaporates slightly slower, but does not cool the skin.
This time around, I cut several pieces of red ABS runners from the PG Astray and soaked them in reducer (left) and acetone (right). Note that I've prepared the acetone soak a full 10 minutes earlier than the reducer.