Bit of a strange one and I've only noticed this since recent updates. When I have an image (regardless of resolution etc) open and the PS window is active/in-focus, I can zoom in and out with the mouse wheel smoothly as long as the image is fully visible in the PS window canvas. But if I zoom in closer so parts of the image fall outside of the canvas, then zooming is laggy, like as if there's a CPU spike laggy but there actually is not any CPU spike.
If I click out of the PS window so PS is no longer in-focus, and then hover the mouse over the PS window and then zoom (WIndows by default will allow scrolling or zooming on whatever window app window the mouse is hovered over) then the exact same zooming actions are smooth.
My mouse is a Logitech MX Master 3 and it is running the latest software, this issue has only been noticed since recent PS updates though so I don't think it is mouse related. Zooming using CTRL & -/+ on the keyboard does not exhibit this issue however, but the zooming steps are much larger using the keyboard shortcut.
I am on Windows 11 (up to date) and have the nVidia Studio driver v511.65.