A lot of towbars have a loop / hole on them further up the assembly that the wire is meant to clip onto. As said just looping over the ball is a bit of a wasted effort.
Unless you have a carabiner (rare in this country), you must loop the wire and clip it back onto itself. Ideally this is through a fixed point, around the towball will do if it is all that you have. See https://www.caravanguard.co.uk/news/essential-guide-caravan-breakaway-cables-7707/
The more common spring clips are pretty flimsy. It is called a “breakaway cable” because it is meant to break. You just don’t want it to break until after the trailer brakes have been pulled on. The break point is at the other end of the cable, but the cheap crappy clips are weak enough that if you clip them onto the car you will break the clip before activating the brakes.
On an unbraked trailer, it is a secondary coupling and not a breakaway cable. It is meant to stay attached and drag the trailer behind you.
Speed limits are widely ignored, as are mirror requirements. It probably won’t do any harm with a small trailer, but for larger trailers the faster you drive the more prone to snaking you will be. It also helps your mileage. Bear in mind that a car+trailer can be up to 7 tons so a bit of control on your speed makes life a lot safer.