I guess you solved the issue by now.
However, still want to share my solution with you just in case it helps.
I think you were right with your assumption that the answer lies here: product-media.liquid
We exchanged the code you mentioned with the newest code from the current version of the dawn theme.
They included some new scrsets and it seems to solve the issue.
Our images were blurry before in the zoom feature - now they are crisp and sharp.
