You can only scroll out as far as it allows, then use the FOV for a bit more/sense of more.Do you know if it's possible to do on PC? (should have mentioned that! oops)
If you change the FOV for 3rd person it will give you a more zoomed out sense as well, it does give you a lot more spacial awareness but some (myself included) don't like the fish bowl effect you start to get.