I hit a deer and airbag didn't deploy but airbag light is on. I did smell a burning smell that the owners manual said would accompany airbag deployment. Could my airbags pop out at any moment and is it safe to drive my car (it seems to run well)

you cant get to a garage asap as bag could deploy at any moment this is VERY SERIOUS

They didn't deploy cause you hit a deer, the airbags sensors need to get a gforce reading to deploy, hitting a deer ksnt enough to do it

how to re set the powertrain control module on 1995 Montero LS

Assuming the pump has not died, you should be able to jumper the pump relay.
The lite blue and orange wire should be power from the fuse, and the dark green and yellow wire should go to the inertia switch then to the pump.

you can have anyone with a scanner see what the airbag code is. most likely not related to the deer hit two years ago.

Airbags have specific criteria for deployment that determines whether impact was severe enough to deploy bags or whether only 1 stage deployment is needed or may decide impact was minor enough that deployment of airbags could potentially be more dangerous than the actual impact. For instance I was on the expressway last year going 65mph and someone rear ended me at over 100mph. Totaled my Ford Focus, her airbag did not deploy. Over certain speeds depending on the vehicle calibration, and airbag should never deploy. With an impact under a designated speed or over a designated speed a deployment can be dangerous. As long as your airbag light was not on before the crash I'd say your system was working properly and did not malfunction. If your airbag light ever comes on just keep in mind that any airbag malfunction will disable the system and turn on the light

Airbags are designed to keeo you from hitting the windshield or steering wheel. If you were not injured in the colision the I would say that the airbag was not needed and the system work the way it was designed.

Safety-First.
Take to dealer to investigate hidden damage to sensor, etc.