^^^No. Actual embalming fluid containing such chemicals as formaldehyde is highly toxic, teratogenic and known to cause cancer. Any poor bastard dumb enough to smoke or ingest by any means formaldehyde would likely experience a headache, burning throat, watery eyes, hypothermia, coma or death.
These are not the same effects he would have experienced had he smoked some real phencyclidine, which is a dissociative anesthetic that happened to acquire as a slang term 'embalming fluid'.