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We consider associated $Zh$ production with $Z \to \ell^+ \ell^-$ and $h \to b \bar b$ decays in hadronic collisions. In the framework of the Standard Model effective field theory (SMEFT) we calculate the QCD corrections to this process and achieve next-to-next-to-leading order plus parton shower (NNLO$+$PS) accuracy using the MiNNLO$_{\rm PS}$ method. This precision is obtained for a subset of six SMEFT operators, including the corrections from effective Yukawa- and chromomagnetic dipole-type interactions. Missing higher-order QCD effects associated with the considered dimension-six operators are estimated to have a relative numerical impact of less than a percent on the total rate once existing experimental limits on the relevant Wilson coefficients are taken into account. We provide a dedicated Monte Carlo (MC) code that evaluates the NNLO SMEFT corrections on-the-fly in the event generation. This MC generator is used to study the numerical impact of NNLO$+$PS corrections on the kinematic distributions in $pp \to Zh \to \ell^+ \ell^- b \bar b$ production employing simple SMEFT benchmark scenarios. We identify the invariant mass $m_{b \bar b}$ of the two $b$-tagged jets as well as the three-invariant jet mass $m_{b \bar b j}$ as particularly interesting observables to study SMEFT effects. These distributions receive contributions that change both their normalisation and shape with the latter modifications depending on the exact jet definition. To our knowledge SMEFT effects of this type have so far not been discussed in the literature. The presented MC generator can also serve as a starting point to obtain NNLO$+$PS accuracy for a suitable enlarged set of effective operators in the future.