You can zoom in and out rather nicely on at sea level and near that but as soon as the terrain is really low like on the crator map or really high you lose the ability to zoom in or zoom out as well as it treats it as though its at sea level. The crator being at -80 at its base for instance means you can't zoom into your structures down there at all for easier placement of structures.
See attached the furthest zoom in possible at this point of the game.
