> Virgin olive oil has a strong flavor and very low smoke point, which makes it unsuitable for most types of food.

Extra virgin olive oil (EVOO) doesn't have a "very low smoke point". This table on wikipedia gives the smoke point of "Extra virgin, low acidity, high quality" EVOO at 207°C/405 °F:

https://en.wikipedia.org/wiki/Smoke_point#Temperature

The same page gives standard home cooking temperatures as follows:

  Pan frying (sauté) on stove top heat: 120 °C (248 °F)
  Deep frying: 160–180 °C (320–356 °F)
  Oven baking: Average of 180 °C (356 °F)

So premium-quality EVOO has a smoke point comfortably above the temperatures where most people will cook with it. I suspect the idea that EVOO has a low smoke point comes from confusion between extra virgion olive oil and "extra virgin" olive oil (i.e. between the real deal and the stuff sold in its place). Anyway anecdotally, me, both my grandmothers, my mother, and everyone else I know has been cooking with EVOO for ages and I've never heard of anyone actually managing to make it burn (though I've certainly burned the food cooking in it). And we cook most, or rather, all, types of food in it.

You're perfectly right though that EVOO has a strong flavor. That's the whole point.