With the suggestions that have been made with the shortcut keys I think both can be worked in without having to make an additional option somewhere in the menu to pick one type of zoom over the other.
Perhaps something like:
- Track height control [Shift + Wheel]
- Zoom centered on the playhead [Ctrl + Wheel]
- Zoom centered on the mouse [Alt + Wheel]
Also, since the zoom centered on the mouse function only works when the mouse is actually on the timeline, it would make sense then to configure the zoom buttons/zoom meter on the toolbar to center on the playhead.
Putting it in the View menu is too far. A button like this is used during the editing workflow thus should have quick access. It’d be much better as button next to the zoom controls in the toolbar:
