The issue seems to be your document zoom level which is set at 4.5% as per the screenshot. Are you not able to change it? Set the zoom percentage using the Zoom Level drop down at the bottom left showing 4.5%.
This is odd—InDesign's magnification settings range from 5% to 4000%. It won't let me specify 4.5%.
Also, that page size must be huge for 48pt type to look so small. Based on the visible horizonal ruler, the width (measured in picas) is larger than 128 inches/3400 mm.
Something corrupt with the preferences or cache maybe?