Since I had my trunk opened up and given that I disabled the OnStars cellular link in my 21' Suburban, I decided to poke around in the CT5BW. The same LG Telematics module I have in my 21's Suburban is also in the 23' CT5BW, located in the truck on the passenger side along the wheel well area under the rug.
Within the LG module which is called a (TCU/Telematics Control Unit), there's a cellular module board that will slide out after removing two torxs screws. You will see two coax plugs going into the module from the outside, one purple (cellular) and one brown (cellular/ possible GPS). On that module are two chips. The first chip is a Qualcomm MDM9240 (or other variation pending your vehicle year) Snapdragon X12 LTE Modem. The second chip is a SKYA21049 which is a SkyOne Automotive Multimode/Multiband module for 4GLTE/LTE-A. These chips control the persistent cellular link with Onstar based on what I can tell from looking at the chipset.
I simply unplugged the purple coax and this will effectively terminate the uplink to OnStar. (Note: I do believe both the purple and brown coax are used by each of the chips, as each chip allows for operation across GSM and CDMA frequencies, I will ultimately remove the brown coax as well after some testing to ensure its the same as my Suburban. I just wanted to ensure it doesn't disrupt GPS related functionality). However, the TCU will continue to function as designed, e.g. will continue to collect telematics and information but no longer able to send it anywhere. Given the integrations done on these vehicles, simply pulling the whole unit will work but may also lead to other functionality problems. You can cap off the female coax port with a coax terminator if you want but I haven't bothered. These units, as well as the shark fins, are very often ripped from the vehicles and tossed to the side of the road after being stolen.
After unplugging the purple coax, your Onstar button will go from GREEN to RED. You will also get a dash message upon start that your emergency calling feature needs attention. Otherwise, you should be good to go. In my Suburban, I've been fine for years. I'll check back in if I run into any issues with the CT5. I think it goes without saying, by doing this your OnStar (and associated features) will no longer function, thus do so at your own risk.
Some pictures below....