Hi, Susan,
You're not (in general) talking to Adobe here, but users helping each other.
Dragging the Zoom tool (right for zoom in, left for zoom out) only works if Animated Zoom is activated: Preferences > Performance > GPU Performance > Animated Zoom.
I do not recall previous performance, but you are correct, that the option key activates the Hand tool when the cursor is in text. I presume that is because the space bar, which normally activates the Hand tool, types a space in these circumstances, and apparently it has been determined that the Hand tool is more important than Zoom Out when text is selected.
I think your options are to activate Animated Zoom, use the plus and minus keys as Daniel has suggested, or press esc to get out of the text.
Peter