Go into switch test and see which switches are registering. One that should depending upon the position of the wheel is SW41. This switch is triggered for half the rotation of the wheel and is not triggered for the other half (the two blue 10Ks on the wheel form the dividing line.) You can rotate the wheel to either close or open the switch. If you rotate it to open the switch and while sitting there it goes back and forth showing the switch open and closed, then you have a problem with the opto on the Mystery Wheel.
Other diagnostic procedures for the wheel:
https://pinside.com/pinball/forum/topic/cyclone-mystery-wheel-problem#post-810733
Replacing the opto is pretty easy though I'd have to go look up which one it is.
GLM makes and sells a replacement board which was used in a number of other games (and is the one sold by Marco BTW):
You may want to send them a note asking if/when they will have more stock if you don't want to go the component repair route.
viperrwk