Yes, in elevators usually one cable could hold far more than the full weight, then they add 5 more for the safety.
For rail speed limits this is the exact way they calculate it. For road speed limits they consider braking distance, which grows by the square of your speed, so if you go 120 on 60 road, you will need 4 times the distance to stop. I wrote 1.5 as a safety factor, not 4, With a 1.5 safety factor you can go by 75 though, but I would use a 1.1 safety there, as in my country the speed cameras are set up that way, you can go +10% of the official speed limit, they only send a cheque if you went even quicker than that.