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Thanks a lot for the tips, camera works well after regedit. I think GOG needs to update game's distro with this fix.
Solution is to fix camera movement using registry:

Windows Registry Editor Version 5.00

[HKEY_CURRENT_USER\SOFTWARE\Nival Interactive\EvilIslands\Camera Settings]

"CameraDefaultScrollSpeed"=hex:00,00,c0,3f
"CameraDefaultScrollPowerMouse"=hex:00,00,80,3f

"CameraDefaultRotateSpeed"=hex:9a,99,19,3e
"CameraDefaultRotatePowerMouse"=hex:00,00,80,3f

"CameraDefaultPitchSpeed"=hex:a6,9b,c4,3a
"CameraDefaultPitchPowerMouse"=hex:00,00,80,3f

"CameraDefaultZoomSpeed"=hex:00,00,00,40
"CameraDefaultZoomPowerMouse"=hex:00,00,80,3f