I can't reproduce it. Also, the recent update didn't introduce changes regarding the volume control. Perhaps you're using the "Cycle between taskbar buttons" option or the "multipage_wheel_scroll" advanced option.
Ah. I found my mistake. I have, in fact, enabled the "multipage_wheel_scroll" advanced option, thinking that i might use it in the future. My mistake. Thank you for following up on this. I appreciate it.
Perhaps you're using the "Cycle between taskbar buttons" option or the "multipage_wheel_scroll" advanced option.