Hi, welcome to the forum
By scroll wheel do you mean the normal mouse wheel?
I am having a problem making it NOT work in a situation like in your picture. For me, the preferences in editing behavior/mouse related to ignoring mouse wheel on faders are making no difference over the envelope fader. If there's only one track on screen and scrolling is impossible anyway. Or if I do it downwards on the lowest track. Otherwise it wants to scroll instead of adjusting fader.
The behavior is a little different with the volume knob. I reported a bug
https://forum.cockos.com/showthread.php?t=196221
about that. No one responded. Starting to wonder if I have some corruption of some kind.
Do you have different behavior? Do the prefs work for you?