Ok, I figured it out.
I ended up rebooting the recording server after doing a bunch of troubleshooting and checking. I don't like to do this as it takes other working cameras off line temporarily.
After the reboot the PTZ controls returned to normal. It's almost as if the server was/is near capacity and/or the caches all needed to be flushed after the reboot.
What threw me off a bit was the fact that video was still being streamed without issue afaik and other cameras were working fine.
Maybe an undocumented bug or time to do some software/firmware updates.
Anyways, thanks for all your advice.
Frostbitte