Does peanut oil have a high smoke point? Yes, it's 450 degrees Fahrenheit for the refined version. But don't mix that up with a bottle of unrefined which only has a smoke point of 320 degrees.
That aside, the nutritional value of this oil is quite limited. Before you cast it aside though, this holds true for almost all common cooking oils, including extra virgin olive oil.
On the other hand if you eat the whole peanut, it's actually quite nutritious and contains a high amount of antioxidants.
USDA Database for the Oxygen Radical Absorbance Capacity (ORAC) of Selected Foods, Release 2 - Prepared by Nutrient Data Laboratory, Beltsville Human Nutrition Research Center (BHNRC), Agricultural Research Service (ARS), U.S. Department of Agriculture (USDA) - May 2010