If you read the GM shop manual, it is definitely an adjustment point. However, there is at least one other adjustment you do before you touch that allen screw. It’s all explained in the repair manual.
And when you adjust the Allen screw the steering box should be disconnected from the steering linkage, and you should measure the drag with a spring scale to ensure you do not get it too tight.
I have also seen multiple posts where someone adjusted the play without following the manual, and they all seem to have survived. However, you need to be very cautious because in the worst case it could cause the steering box to unexpectedly bind, and possible lock up.