I've had mega wheelspin with big engine rev when on cruise control and hit standing water on the road. I was towing a pretty big trailer at the time and it had just been raining a lot. I think it was a combination of the load of towing the trailer and the response time of the cruise control/traction control at those higher speeds.

Not sure what the stability control does at highway speeds in the X5. Other cars I've owned would only use the brakes for traction control up to around 40km/h, above that it would just throttle back.