I wish comics would return to the day when they were a fun escape instead of a mouthpiece for the writer's political ideals. This was just a fun appearance by Reagan. It doesn't give a hint as to the writer's political leanings, unlike the comics of the past 10-15 years, where they are constantly pounding the Republicans and praising the Democrats.
During this era of X-Men they had a number of cameo appearances by famous people. A few months later, during a fight in San Francisco, the X-Men are working with a couple of SFPD detectives, including a familiar-looking guy named "Harry" who carries a .44 Magnum, "The most powerful handgun in the world".