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What exactly does "speed limit mode" do?

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Speed Limit Mode – This feature limits the acceleration of your vehicle and allows you to set a maximum speed limit between 50 mph and 90 mph. While your car is in Park, you can activate Speed Limit Mode by tapping Controls > Safety & Security on the touchscreen or by tapping CONTROLS on the mobile app. You must use the same 4-digit PIN to enable or disable Speed Limit Mode. A notification is sent to your mobile device is your vehicle approaches the set maximum speed. — In memory of Barrett Riley.”
 
Thanks for the info. Personally, I think a user selectable number would be better, or maybe 99MPH. Even though the highest "speed limit" sign might be 80 in the US and flow of traffic might be 75-85 in many places, it's important that the acceleration be there if needed in an emergency.

I say this with "my friend" having received a criminal speeding ticket in Arizona, a Class 3 Misdemeanor.

Speed limit mode would also work better with a city/highway or "over posted" setting to reduce the likelihood of someone going 99MPH in a area with a 45, or worse lower speed limit.
 
The important part is Chill Mode. Barrett Riley was driving triple digit speeds in a 30 zone when he crashed into a house. Chill won't stop it makes it require a lot more room and removed the launch rush that caused those speeds.
 
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The important part is Chill Mode. Barrett Riley was driving triple digit speeds in a 30 zone when he crashed into a house. Chill won't stop it makes it require a lot more room and removed the launch rush that caused those speeds.
It's important to realize that the margin for error diminishes greatly with increased speeds and speeds over the posted limits. The consequences for not realizing and being aware of this can be deadly.
 
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Speed Limit Mode – This feature limits the acceleration of your vehicle and allows you to set a maximum speed limit between 50 mph and 90 mph. While your car is in Park, you can activate Speed Limit Mode by tapping Controls > Safety & Security on the touchscreen or by tapping CONTROLS on the mobile app. You must use the same 4-digit PIN to enable or disable Speed Limit Mode. A notification is sent to your mobile device is your vehicle approaches the set Tutuapp 9apps Showbox maximum speed. — In memory of Barrett Riley.”
You must use the same 4-digit PIN to enable or disable Speed Limit Mode
 
According to the update, this speed limiter feature will let you "limit vehicle speed and acceleration with speed limit mode" and that the maximum vehicle speed can be set between 50 to 90 mph. So if you're concerned about little Timmy Junior putting the pedal to metal but you don't want to go full Valet Mode on him, then this might be a good way to control the speeds without locking him out of the rest of the car's features, for example.