Does ace mean smart?

I'm curious, could you clarify if the term 'ace' is commonly used as a synonym for 'smart' in everyday conversation or within specific contexts? Is there a general understanding that 'ace' conveys intelligence or excellence, or does it depend on the situation and how it's being used? I'm particularly interested in understanding if this term is widely recognized and accepted as a positive attribute, and if there are any nuances or cultural considerations to be aware of when employing it.