About to stop melodrama losing sense of proportion (12)

I believe the answer is:

overreacting

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'stop melodrama losing sense of proportion' is the definition.
I can't judge whether this defines the answer.

'about to' is the wordplay.
'about' becomes 'over' (both can mean around).
'to' becomes 'reacting' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'over'+'reacting'='OVERREACTING'

Can you help me to learn more?

(Another definition for overreacting that I've seen is " protesting too much".)

I've seen this clue in The Times.

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