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aha. you mean the visual play-head, the vertical red line, is momentarily misplaced when zooming in or out. however, the actual play-head position is still correct eg. playback starts from correct absolute location.

and this has nothing related to the mouse-wheel at all.
yes, it's a bug, a dang old one i confess. old as ever :)

thanks. will fix it asap.
cheers

EDIT: fixed on git head master [ad70ed8] aka. v0.7.9.5+ thanks.