Thank you, it's actually works well on whenever I use Cmd + Space + drag or zoom tool to zoom, I tried disabling the scroll wheel and the issue stopped occurring. I understand what you mentioned about the Apple Magic Mouse not having an actual scroll wheel, but this is the first time it's happened for me, and it only started after an update. So, I believe it's not solely an issue with the Apple mouse. Its performance is actually quite good on my end.

As for the performance — this is different and should be studied separately.
Know nothing about your files, but it can be related, yes. Try to observe and find some correlations.

I can somewhat replicate it if I spin the wheel I have... but no matter which speed I apply, it still makes the same distance to zoom the farthest way, starting at 100.

But you have Magic Mouse... the one without the actual wheel. I suppose it’s very easy to slide a finger just way too fast, making MacOS to interpret this a strong acceleration. Macs never had good acceleration curves... it got better in recent years, but still is hardly linear. When things try to be way to smart, but fail, they become dumb instead :)
...but that’s me rambling, the issue is still there.

I suppose you have Animated Zoom enabled in Preferences > Performance? Does it behave anything different if you try to disable it?
Does it skyrocket if you use Cmd + Space + click-and-drag instead?

Hmm... If I use Opt + Scroll, it won't smoothly scroll upwards; it keeps bouncing back. and the zoom in/ out It happens quite frequently. It used to occur only in the beta version back in November last year, but now it's quite common in the latest released update of Illustrator.

Moreover, the latest version is more prone to overload, leading to "not responding" issues. Perhaps it's related to my files?

So you’ve just enabled Zoom with Mouse Wheel, and the bug had been happening before that? Does it differ now if you try to scroll, with Opt + Scroll?
How often does it happen?

Hi, I have enabled the 'Zoom with Mouse Wheel' option in the settings. I am using an Apple Magic Mouse to scroll the view, and I am sure that the Opt/Alt button is not stuck.

This issue occurred in the newest version, especially the BETA version

Do you have Zoom with Mouse Wheel option enabled or disabled in Preferences > General?
Do you use a mouse or a pen+ tablet?
Are you sure the Opt/Alt button on a keyboard is cleaned and does not stuck?
If you scroll horizontally, using the Shift modifier — does this also happen?