Timeline is missing breadcrumb bar which is used for navigating between components & root scene. When opening context menu of a "Component 1" and selecting "Edit component", then doing same for "SubComponent 2" inside that, UI should be something like attached screenshot. Clicking "Scene" or "Component 1" would change timeline tree root to that element.

Note: Also double clicking a tree Component icon  (left from label) should do same as "Edit component".