This works for me perfectly all the time:
1]Left mouse click on a knob or slider
2]The selected item shows a shading around it.
3]Using the mouse scroll wheel moves the selection. The knob CW/CCW; The sliders Up/Down.
4]Use the keyboard's +/- keys for fine movement.
I launched a series of VST's to see if this action is similar. Some does, others only acted by clicking on the knob and click hold-drag the mouse act.
Maybe a problem with your mouse or the Project Template.....