Cruise control simply attempts to maintain certain wheel/drivetrain speed?

Is it correct that cruise control simply works to maintain a certain speed? If you had a car on a dyno with CC set at a given speed and suddenly snatched the drive tires off the dyno, the drive wheels might accel momentarily from the total loss of load but immediately seek to establish the same wheel speed as they spun freely in midair?

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Rev Jer Belle Felcher
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