How it is deactivated is described here.

The steering wheel buttons and combined instrument panel in cars without speed limiter
A Volvo dealer has updated information about what applies in each respective market.

The steering wheel buttons and combined instrument panel in cars with speed limiter A Volvo dealer has updated information about what applies in each respective market.

Cruise control - On/Off.

Standby mode ceases and the stored speed is resumed.

Standby mode

Activate and adjust the speed.

Selected speed (GREY = Standby mode).

Cruise control active - WHITE symbol (GREY = Standby mode).
Cruise control is switched off with the steering wheel button (1) or by switching off the engine - the set/stored speed is thus cleared and cannot then be resumed with the button.