Normal. What the car is doing is turning the fuel injectors on and off as needed to maintain a steady speed. In GM's pure ICE vehicles this is referred to as Deceleration Fuel Cut Off (DFCO). The ECU detects the load on the engine to maintain the speed and when the load goes to zero for a second or two the fuel injectors are cut off. It's really noticable on "flat" roads that are really very slightly down. At 65 MPH it takes very a descent so small most people won't realize their descending unless they're watching the road closely. The ECU in the Cruze can cycle the fuel injectors about twice a second; I suspect the Volt has a similar cycle time. The result is you can feel the car "pulsing". When the "pulse" results in you sliding forward the injectors have been turned off; when it pushes you back they've been turned back on. When running as pure EV the control the ECU has over the motors is far more accurate and the power applied to the motors is simply reduced to maintain speed. No pulsing occurs as a result.
The Volt appears to implement DFCO but the main traction battery also comes into play by the Volt's ECU always wanting to use the electric motors before the ICE motor, or if the battery SOC is lower than the ECU's target window, recharging the battery.
Mountain mode only recharges the battery to about one bar (5 to 7 miles) and only when the car needs less than about 40KW for propulsion. Hold mode will recharge the car back to the target window as well, but again only when fewer than 40KW are needed for propulsion. I have driven across Kansas with a headwind and watched my battery drop to zero, even in Mountain mode because the car was above the 40KW mark the entire way. In Normal mode the car appears to maintain the battery SOC at 0% at the expense of propulsion.