I’ve decided to (blasphemously) look at Emacs, and figured the right place to start would be the tutorial (C-h t). First thing it gets you to do is scroll down (C-v). No problem!
Second thing it gets you to do is scroll up (M-v). So I try Alt-v for Meta-v. No dice, it inserts a unicode character into my terminal. Hmm, maybe Command-v? Nope, that promptly pastes the contents of my clipboard into my terminal.
Turns out you can head to the Terminal settings, and fix it so that Alt performs the Meta action.