Update on the issue... They actually are aware of the issue and the solution we currently have is a compromise and attempt to solve 3 different editing problems. The jog wheel however in my use cannot work well while also solving the problems of preserving space by merging all of the controls.
Here's how they said it:
Thanks for your feedback.
Providing an option for the jog wheel is possible.
The problem I'm faced with is the layout, especially for the smaller iPhones. In some views the preview gets so small you can't see it when there are 3 layers of controls (which is what I was attempting to solve with this design). We need one layer of controls for the play buttons, one for the mark in/out range (which is currently over the filmstrip) and one for the missing jog shuttle. The incremental shuttle (by long pressing play) is not a replacement for the jog shuttle but at least does not take up real-estate for the preview. The jog shuttle is unique in that it cannot be done with a long press (because you must lift your finger often when using it) and it cannot be combined with the mark-in and out since the jog shuttle doesn't have a beginning and end just a rate of speed from the current time.
The reason I am explaining this isn't to provide excuses, but to let you know that I am thinking about what to do about it, and think I have some ideas about how to get it back without reducing the size of the preview.
I'll have to work to get this through development so please be patient while we work to solve it.
So as you can see the issue is largely more of a problem of giving access on the smaller screens. But they are looking to find a solution that doesn't compromise other editing methods either.
So i'll have to wait and see what is figured out!