No, there is no preference to control the speed at which the Timeline scrolls by mouse wheel.
Some things to try in case you're not familiar with them:
- Page Up/Down jumps left/right by one full unit at whatever your zoom level is. That is, if you're zoomed such that 30 seconds of the sequence is visible and the current range is from 1:30 to 2:00, pressing Page Down will jump to show 2:00 to 2:30
- Use the dash key ( - ) or the forward slash ( / ) to zoom out, move the playhead where you want to focus, then press the equal key ( = ) [which is also the plus key] or the forward slash to zoom back in.