Yeah maybe it is just semantics. To me a cruise control is just that, find a speed and hit the switch it holds that speed. This is how I use the speed sensor in my planes. It does a bunch of other stuff too like make the throttle stick a "speed" control lever as opposed to a "thrust" control lever. Andre Baird's ECU may have similar feature.

I think the mini hobby is an adjustable max speed limiter, you set the speed on the ground. But I am not sure.