I do not know why so many people got it wrong, even the folk at CatLABs. I do not think it was Omar since he should have gotten it right.
I own different versions of CPE2, CPA and CPP. The CPE2 manual clearly states that the slower speed 1 is for film and higher speed 2 is for print. At the end of the CPE2 manual, it lists all processing tips for different processes. For C-41, use speed 1, for RA-4, use speed 4. If you use speed 2 to process film, you'll have to shorten procesing time. The CPE2+ has just one speed. So the film processing time should be shortened.
I believe the CPP2 instruction has similar instruction.
So film=slow speed. Print=fast speed.
See part of the CPE2 Instruction: