"It's the deep breath that helps"
Here's a belief I have some sympathy with. You'd say it's not the nicotine, or not all of it. It's the draw itself. The slow pull in, the hold, the long breath out. It's the one moment in the hour when you breathe properly, and that's what settles you.
I think you're partly right, and I want to be exact about which part.
A slow breath out does settle people. That's not controversial, and it's the reason breathing exercises exist. The draw on a vape is, mechanically, a slow inhale and a slower exhale, and if you did that with nothing in your hand you'd get something from it. So some of the calm is the breath, and you're not wrong to notice it.
The question is whether the breath needs the vape. Try this at the desk, once, when the reach starts. Leave the vape where it is and take the same breath. In slowly through the mouth, hold for a second, out slowly through the mouth, as though there were vapour. Do it twice. Then notice two things. First, whether some of the settling arrived, which for most people it does. Second, whether the reach went away, which for most people it doesn't, or not for long. That second thing tells you what the breath was carrying. If the breath were the whole of it, the reach would be satisfied. It isn't, because the breath doesn't reverse the fall. Only the nicotine does that.
So the honest account is that the calm has two parts. The breath, which is real and which you can have anywhere, for nothing, without a device. And the reversal of the fall, which is the loop. The vape has bundled them together so that you can't have the breath without the dose, and that bundling is worth undoing, because the breath is the part worth keeping.
A practical note for later. When you put the ending back, in chapter 16, and the reach starts and finds nothing, the breath is what you do instead. Not as a trick. As the part of the habit that was always doing you good.