The cruise is definitely not factory! Volvo cruise came on the indicator stalk and the stalk itself is more or less a reversal of the wiper stalk on Wagons (picture attached)! Useless fact for you, but the text for cruise control (set speed, resume, on/off) was printed in English for all countries!
After-market cruise control has been available for a long time... I see it installed in various 80s imports in the junkyards. Even saw a late 70s 244 GL with cruise once!
If your air-con needs converted to R34a you can still buy a kit for it.
Oh, and a 240 on the highway with cruise... is a dream!