Looks like a pretty typical northeast undercarriage. As I'm sure you know, up in these parts these things start rusting on the dealer lots and never really stop until they hit the junkyards. Everything you're seeing under there is just surface rust though, essentially. This is what you get when you buy a used northeast vehicle.
And yes, whatever GM is coating these frames with does tend to start peeling off. I guess the jury is still out on whether or not it will be better at preserving the frame than plain 'ol black paint.
My 2016 Suburban with 69,000 miles on it was originally registered in Connecticut and now I have it in Central New York State. It looks pretty comparable to yours. Once it's to that point there's really nothing practical you can do to make it better. If you want to take a "wire wheel" and POR15 to it or have someone sandblast and re-coat the undercarriage that's your prerogative but that's A LOT of time and effort for a truck that's probably a bit more than half way through it's useful life already. Unless you mean just hit the rusty spots, in that case it may be worth it.
You're kind of beyond the point of spending money on professional rust proofing I think. As suggested (and what I have done) is buy a few cans of fluid film black and hit every exposed surface with it every fall. I go nuts with that stuff and it seems to work quite well. It ain't pretty but it protects the surfaces you put it on. Things like the control arms, differential cover, hitch I will scuff up and hit with some semi-gloss Rustoleum. Everything else exposed gets Fluid Film, including whatever body crevices I can get the needle into.
Good luck and I really wouldn't sweat it too much. Keep the truck rinsed off in the winter and get under there a few times a summer and clean and Fluid Film stuff and you'll be fine.