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When the check engine light comes on it will cause the cruise light to flash. It's sort of a failsafe so you can't lock the throttle on in case the problem is with the throttle.
Since you have misfire codes, it may feel like the car is in limp mode, but it's not. 2 misfires though is a 50% power loss, so it's probably not feeling to powerful at the time.
Have you done anything to diagnose the misfires just yet?