Driver skill and reaction time also plays a factor, but of course people are not so great at judging what their own specific safe speed is all the time. And all other things being equal, you're more likely to get into a crash if you're driving faster rather than slower, and the injuries you sustain will be worse at a higher speed.
IIRC speed limits are often set at some percentile (85th?) of what all drivers would (theoretically) "naturally" drive if there was no posted limit. And, on highways, cops will often not pull people over for exceeding the speed limit by a moderate amount. Once, long ago, a cop told me that, absent adverse conditions or other unsafe behavior, he usually will not stop anyone unless they're going more than 10mph over the highway speed limit. And I expect if he were hiding in a speed trap that no one could actually see driving by, and everyone was going 70mph on your 55mph road, he'd probably just sit there and not bother anyone, unless they were doing something else that was unsafe.
I guess this is a long winded way to say that there really is no single safe speed that applies to everyone, in every road condition. The law acknowledges this, and police often let you do your thing unless they believe you're actually doing something unsafe. The discretion and judgment calls can be a problem (biases, etc.), but I don't think a society where unavoidably "fuzzy" laws were always prosecuted would be a great society either.
This is a common occurrence on this road and everyone seems to abide pretty well. Sure, there is the occasional "idiot" doing stupid things (weaving in out of traffic, speeding up / slowing down, etc.) but for the most part it just works.
The big problem is when a LEO is around. Everyone slows down to 55ish MPH and traffic backs up and people do weird things.
However, I don't know the solution. If we raise the speed limit to 70 MPH does that mean that people will then feel comfortable going 80 or 90 MPH? If we lower the speed limit to 30 MPH will that cause everyone to only go 55 MPH? This piece of road just feels right and natural at 70 MPH; everyone seems to think so, if unconsciously. Will changing the laws "fix" this piece of road?