I think reseting the time position would also make sense for video editing.
So basically, it's a way to get back as much as possible in the context you were at the time of the operation that is undone.
It would likely be a better UX if that scrolling (etc) brought the user back to the exact context they made that edit, but in the interest of laziness and impatience I'm just using a generic focus function.
It might be nice to have more exact context data available for the life of a session as a progressive enhancement, though I think it would have to be a clever encoding, else that data would be invalid in cases such as window resizes and edits made by collaborators that change position of the object being edited.