You may have a point but undermine your own case by starting, "Most us assume rightly...", which means you think almost everyone else agrees with your opinion.
I do not see the Epstein scandal as distracting from Trump's imperialist ambitions and clumsy fiscal policies, and those have always been very widely reported even if not mentioned much at the moment.
His wanting to take over Greenland surfaced in his first Presidentship, when he offered to buy the island - I don't recall him stating why, and the reason he offers now (the USA's military security) are not very credible. The two countries are not even neighbours.
It also blew up well after Trump imposed all those import taxes on goods.
The release of an astronomical number of pages of information (not all any "evidence" in law of individuals breaking the law) has certainly grabbed the headlines for now, and in many countries because they include foreigners as well as Americans. Not only for sexual wrongs although those seem to lead the reporting. Epstein's circles also included political and economic corruption and treason, separately from sexual illegality. His and Maxwell's sexual predations were evil, damaging many women's lives; treasonous acts encouraged by Epstein damages entire countries.
The sheer scale of the scandal might give Trump some awkward breathing-space while he tries to distance himself from any connection to Jeffrey Epstein; but mere distraction cannot hide anything. It simply, temporarily deflects attention from other matters.
I do not believe it a deliberate smokescreen; but something that has been simmering for a long time and had to break out eventually. I see its occurring alongside other matters, as co-incidental.
We could ask if it is distracting Trump himself from pushing for his other ambitions. It might, temporarily. He can't hide forever.
Br sheer co-incidence, this morning we learn of evidence that Donald Trump warned the Police of Epstein's behaviour some twenty years ago; but now denies that.
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One aspect of Trump's actions that has slipped from view for the time being, is Venezuela.
It's gone very quiet. What has happened there since the US government kidnapped its President Maduro while keeping his government as regional administrators under US control?
The reason was apparently for US oil firms' access - Oh, and perhaps breaking the cocaine trade - but reportedly the oil is of poor quality, difficult to extract, and the plant in poor condition; so is it commercially viable for those companies? Have they started work there?
Will the Venezuelans' standards of living improve thanks to US ensuring wise use of the normal taxes on the commercial income from revived oil exports - if the exports do happen?
