My understanding is that drivers here in the UK will be able to over ride the speed limit in a similar way to how cruise control is deactivated , usually by pushing down on the throttle.
Overriding the set speed has not deactivated any of the cruise controls I have used in cars or HGVs. Pressing the brake or clutch is the normal method.
I have long thought that, since my car always knows the current speed limit where it is, (even in roadworks etc) it would make sense for it to slow down to that speed automatically. I have been on a speed awareness course, and if my fellow participants were to be believed many of us drove into a speed limit without noticing the change.
A few days ago, I came off a motorway onto a 40mph dual carriageway. Without thinking, I pressed reset on the CC and the car promptly did its best to speed up to the 70 it was set at. Of course, I switched it off and reset it, but it was a slightly fraught moment.