No, not normal
Any Cruise Control just goes by "pulse" count when its SET, it doesn't know what "speed" or MPH is
If you set it when pulse count is 100/min then it will try to maintain pulse count of 100/min using the throttle cable
Using the Decrease or Increase just lowers or raises the "set" pulse count in memory
Pulse Count can come from speedo cable or VSS
1989 should use VSS, but just look at the actuator in engine bay, if you see 2 speedo cables hooked up then it uses those for pulses, if no speedo cable then it used a VSS
Actuator uses Vacuum to control its throttle cable position, so you could have a vacuum leak on one of its hoses so it simply can't pull open throttle and hold it open above 55MPH, because of the leak/low vacuum
I wouldn't think its a pulse issue because if it was it probably wouldn't work at all
1989 should have an emergency "Vacuum Dump Valve" inside the cab on the brake pedal rod where it goes in to the booster, vacuum hose runs from actuator thru firewall to this Valve
The brake lights should deactivate the Cruise but just in case the Vacuum Dump Valve releases all vacuum in the actuator when brake pedal is pressed down, which of course releases the actuator's throttle cable pulling power
If this valve or hose leaks then low vacuum available to actuator