When I bought my ST back in the fall I gave my 94 Ranger to my dad and right after I gave it to him, this very thing happened on the Ranger. Apparently, it was some sort of resister that got fried and it is designed to work the way you stated. When the part goes out it still works on high, which is designed that way so the owner still has heat or air. My dad said that it was a small inexpensive part and everything worked fine once he replaced it.
I never really used the heat on the Ranger much, since I live in the South and well,my dad lives in the midwest, so he was using the heat quite a bit, which led to the part ultimately biting the dust!
I would assume the ST works the same as the Ranger???/