I use the mouse-wheel text zoom feature often. It's one of my favorite IntelliJ features. My eyes are not as sharp as they once were, and zooming in is better than wearing glasses, at least for now. When I zoom in, the current text position moves, which forces me to then scroll around to find where I was at previously. I can't be sure, but I"m pretty sure that IJ *used* to maintain the text position when you zoomed.
The proper zoom behaviour should be that the text zooms around the current position! This has been a major daily (contstant) annoyance for a while, I'm just getting around to commenting on it.