Thanks for the pointers.
All these are to fix the fact that without re-rendering, MathJax does not display at all.
These fixes do not fix this issue of scaling the whole page and flipping the slide (described in my first message).
As an intermediate solution, I've decided to always keep page scale at 100% in lectures, and only change Scale Math in MathJax contextual menu. This effectively reduces the size of formulas and solves the problem for the lecture.
However, a mild inconvenience still remains.
I will post an issue on Reveal.js github and post a link to it here.
Thank you so much for the help.
Sergiy
ps. SVG rendering is *beautiful*!