Hmm. I do this all the time in my S so I don’t inadvertently speed too. I don’t have our Model 3 yet but am curious about a work around to still be able to do this.
The work-around is not good: Slowly turning the thumb wheel changes the set speed 1 mph (or maybe 1 kph if set to show km) if you turn it slowly. But if you flick it rapidly it changes by 5 mph. So if you engage AP and immediately and rapidly flick it down the appropriate number of times you can hold it to the speed you want. This is not good, because it requires more thought than it should, and since it will accelerate rapidly you only have an instant to do it.
I do this on neighborhood streets where the limit is 25 and the car thinks it's 30 or 35, but only if the street is clear. I do not enter AP in a school zone. OTOH, if I'm already in AP as I approach a school zone, then slowing down before I get to the zone is easy using the thumb wheel. It's just like slowing down before reaching a stretch of winding road where there's a slower limit. The thumb wheel works very nicely if you're already in AP or TACC.