By default the example shown will fit within the line spacing so no \smash is needed
\documentclass{article}
\showoutput
\showboxdepth=3
\begin{document}
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$
\end{document}
Produces

and the log confirms \baselineskip (rather than \lineskip) is used.
...\hbox(9.67221+1.49998)x345.0, glue set 0.34198 []
...\penalty 150
...\glue(\baselineskip) 0.8278
...\hbox(9.67221+1.49998)x345.0, glue set 0.45447 []
...\penalty 150
...\glue(\baselineskip) 0.8278
...\hbox(9.67221+1.49998)x345.0, glue set 9.86978fil []
For a larger expression
\documentclass{article}
\showoutput
\showboxdepth=3
\begin{document}
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
\end{document}
You get

and the log confirms TeX gave up using \baselineskip:
...\hbox(10.17732+4.9484)x345.0, glue set 0.26582 []
...\penalty 150
...\glue(\lineskip) 1.0
...\hbox(10.17732+4.9484)x345.0, glue set 0.15062 []
...\glue(\lineskip) 1.0
...\hbox(10.17732+4.9484)x345.0, glue set 0.28621 []
...\penalty 150
...\glue(\lineskip) 1.0
...\hbox(10.17732+4.9484)x345.0, glue set 282.19075fil []
You can set \lineskiplimit so that baseline space is preserved even if the lines do not fit:
\documentclass{article}
\showoutput
\showboxdepth=3
\setlength\lineskiplimit{-\maxdimen}
\begin{document}
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
aaa bbb ccc ddd ee $\frac{X^2}{Y_3}=\frac{X^2}{Y_3}_0\,e^{ikz}$
\end{document}
This produces

and log
...\hbox(10.17732+4.9484)x345.0, glue set 0.26582 []
...\penalty 150
...\glue(\baselineskip) -3.12572
...\hbox(10.17732+4.9484)x345.0, glue set 0.15062 []
...\glue(\baselineskip) -3.12572
...\hbox(10.17732+4.9484)x345.0, glue set 0.28621 []
...\penalty 150
...\glue(\baselineskip) -3.12572
...\hbox(10.17732+4.9484)x345.0, glue set 282.19075fil []
Showing that baseline spacing preservd even if that forces negative space between lines.
The cure here is worse than the problem though, over-printed illegible text is typographically worse than uneven line space.
This is (I think) the effect that you wanted, by asking for \smash to be applied everywhere but in practice it is better not to do this and just apply \smash conditionally in places where you know there is no over-printing (because a tall item on this line is not aligned with a deep descender on the line above so that you can overlap the bounding boxes without overlapping text)
$active should work reasonably well. – user202729 May 07 '22 at 07:30$active"? – Rain May 07 '22 at 07:36$\vec{E}=\vec{E}_0\,e^{ikz}$inline and then I have to smash that so the line where that occurs doesn't become taller than the other lines in the text. But then either I need to smash every instance of inline maths (i.e. whenever I mention a variable inline) or the horizontal spacing is different in smashed instances and non-smashed instances of inline maths. – Rain May 07 '22 at 08:31\smash) so the real fix is to fix whatever settings you have that is causing the original issue. See this,\baselineskipnot\lineskipused so even spacing – David Carlisle May 07 '22 at 08:42\documentclass{article} \showoutput \showboxdepth=3 \begin{document} aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ aaa bbb ccc ddd ee $\vec{E}=\vec{E}_0\,e^{ikz}$ \end{document}– David Carlisle May 07 '22 at 08:43e^{ikz}with\exp(ikz). – Mico May 07 '22 at 08:52\documentclass{article}\usepackage{amsmath}\begin{document}\noindent$|$\\$|$\\$|\vec{E}^{\,\text{t}}=\vec{E}^{\,\text{t}}_0\,e^{ikz}$\\$|$\\$|$\\$|$\\\end{document}– Rain May 07 '22 at 09:12\baselineskipfor whichever font you are using at present. For most most fonts (other than blackletter), setting\baselineskipto 120% of the nominal font size is usually considered fine; if the nominal font size is10pt, this may be achieved by executing\fontsize{10}{12}\selectfont. Please do tell us which font family you employ. – Mico May 07 '22 at 13:45\baselineskipto 105% of the nominal font size. Here's an example of what my text looks like: https://cdn.discordapp.com/attachments/480051867443920906/972726785391329342/unknown.png – Rain May 08 '22 at 05:09\baelineshipby another 5%? – Mico May 08 '22 at 05:42\baselineskipfurther, just tested and I need another 10%, which makes the line spacing slightly larger than I'd like, but thanks for the suggestion. (Incidentally, if it matters at all, I just realised that the relevant line in my preamble is\linespread{1.05}, not something that explicitly contains\baselineskip. – Rain May 08 '22 at 08:12