I think in general, the slower a drug absorbs into the body and brain, the more the peak experience tends to be blunted, for better or worse. It's not something that can be compensated for completely with a bigger dose either. The results are qualitatively different regardless, just as they are qualitatively different with different routes of administration. I also think a significant part of a psychedelic drug's apparent effects have to do with its innate pharmacokinetics, that is the time course over which it is absorbed under any particular circumstances.
Many traditional contexts of psychedelic drug use involve fasting, and as already suggested, many people find eating during a trip or even the presence of food in the stomach to be nausea inducing. For others, eating some amount of food before or during a trip can reduce with nausea. There's no simple answer here given that trip-induced nausea likely has multiple mechanisms. For starters, there is a direct action of the psychedelic on the gut, which tends to manifest very early, before the drug has been appreciably absorbed. The serotonin increases gut activity, but may also induce an immune response that could lead to a rejection of its contents. Then there is the vagal response, in which the vagus nerve reacts to the rapid change in physiological state that occurs as the drug is absorbed into the blood. Then there is the brain, and there are likely multiple mechanisms that can be activated here as well. The distinction really comes down to the timing, which may be easier to pin down with drugs that develop slowly like mescaline versus rapidly like psilocybin. If the nausea is felt very early, then it may be gut related. If it sets in along with other physical effects, then it may be vagus related. If it sets in on the approach to the peak or even after, then it may be in the brain or possibly the emotional/somatic system.
When I was young, I tried to start on an empty stomach, but if I started before my first meal of the day, I sometimes ate a piece of buttered toast before I took my dose. This didn't seem to affect the onset too much but seemed to smooth things out in the stomach. These days, I'm more likely to start early in my day, and I almost always fast. On most days, I go about 14 hours without eating anyway, and I engage in plenty of exercise before my first meal of the day. I believe this helps keep my blood sugar very stable and trains my liver to maintain a good glycogen store, so that if I need to push my fast out to 20+ hours while running around tripping, it's not a big deal for me. For other people, fasting may be much more difficult and may lead to physiological stress that alters their trip for the worse.