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Mine is stock as a rock and the CC is very ordinary, +/- 6kph, it goes uphill quicker than down. Once it drops to 6kph below set speed it accelerates, full throttle, including dropping a gear, to 6kph above the set speed.
My Fairlane of similar vintage has far superior electronics and smoothly maintains the set speed.
Yes I find it incredibly annoying and is most obvious when you have a downhill immediately followed by an uphill like on much of the M1. It is worse when towing because it then immediately goes to WOT which then increases EGTs in an eyeblink followed by an unlock then change down in some circumstances.