Hi!
You have understood correctly: buttons to Cruise Control are quite cheap, wiring perhaps needed, but what it needs after that is a software and the software costs. I have no idea what it might cost but here is an example: Just changing the language of the car costs over 200 euros, luckily that includes labour.
Some things you can change from obd connector with device which is programmed beforehand via your computer and that device is connected to obd and left there. With that device you can for example enable remote Ebersprächer start from cars original remote, or enable parking lights to come ON when unlocking the car. But the thing is, what I know, is that that device is compatible only with bigger Volvos (V60, S80, XC60 XC90 etc), not V50.