On this occasion I have to say that I am 100% with @drm on this.
For me, having the playhead disappear off screen when zooming out is pretty illogical - and very annoying! Having the playhead centred when zooming would be bliss!!
However, if rejected, I strongly support @drm’s suggestion to add “zoom to playhead” in the timeline menu.
I’d also love to see a “Center the playhead” toggle icon next to “Ripple All” (as well as it being in the menu) with the added behaviour that it immediately centers the playhead on clicking, so I can quickly toggle it on and off from the timeline toolbar. If this is a no-goer, though, my final wish would be for a keyboard shortcut for “Center the playhead” so I don’t have to keep going into the menu.