bug#65070:

[max]

I think I have the same problem.

After the update to Emacs 29.1 (on Windows), I can only scroll upwards somehow 
with the touchpad.
Scolling is also kind of "jumpy" as it is not scrolling upwards smothly but 
jumps up a couple of lines at a time.
However, when using the mouse instead of the touchpad, scrolling works fine and 
is smooth.

< C-h l > shows correct movement, so emacs somehow "understands" the 
touch-gestures but does not execute them right.

 <wheel-up>                                     ;; mwheel-scroll
 <double-wheel-up>                              ;; mwheel-scroll
 <triple-wheel-up>                              ;; mwheel-scroll
 <triple-wheel-up>                              ;; mwheel-scroll
 <triple-wheel-up>                              ;; mwheel-scroll
 <wheel-down>                                   ;; mwheel-scroll
 <double-wheel-down>                            ;; mwheel-scroll
 <triple-wheel-down>                            ;; mwheel-scroll
 <triple-wheel-down>                            ;; mwheel-scroll
 C-h l                                          ;; view-lossage

This (or similar events) show equally in the log for both touchpad and/or mouse.
Tripple-wheel is shown when scrolling fast.

I can reproduce this scrolling-issue with `emacs -Q` - so I don't think it is a 
configuration issue.