I had this happen on my old Jacuzzi J-365 and it freaked me out the first time because “burning smell” and “water + electricity” is not a combo you want to ignore.
Since it only happens on high speed, that usually points to load and heat, not water chemistry. High speed draws more amps and builds more heat in the motor windings. A couple things I’d check in order:
First, flow restriction. If your filter is even partially clogged, high speed can make the pump work a lot harder. On my tub, filter pressure wasn’t crazy high, maybe 2 psi over normal, but when I pulled the cartridge and ran it briefly on high (just for testing), the smell was noticeably less. That told me the motor was straining against restricted flow.
Second, ventilation. These cabinets love to collect leaves, dust, and even insulation fibers around the motor. When high kicks on, that extra heat cooks whatever’s sitting near the housing and you get that warm plastic smell. I vacuumed out the equipment bay and made sure the motor vents were clear. Big difference.
Third, electrical connections. Like Freddie mentioned, high speed uses a different winding and relay. A slightly loose terminal can heat up only under high load. If you’re comfortable and power is fully off at the breaker, it’s worth visually checking for any darkened wires or melted insulation. If not, a tech can do that quickly.
One more subtle thing I ran into was a partially closed slice valve after service. Low speed masked it, but high speed amplified the restriction and heat. Once fully opened, the smell went away.
If the smell gets stronger over time, or you hear a change in pitch from the pump, I’d stop using high until it’s sorted. Burning odors are early warning signs, not something to let ride. Does it smell strongest right near the motor area when you open the cabinet?