I think it's a good deterrent but if they managed to either get the ball connected or just pull with a chain they could just break the leg off the jack or bend it enough so that it's no longer a problem.
I've heard of a few. Guess they're not as notorious as the Bosch on the Ford. Happened to a friend's at 80 kmi. He was out of the warranty time period. Cost him a grip to fix.
You have to worry about high pressure pump failure on the L5P also but at least on the Ford you can install a bypass kit or upgrade the pump to a DCR. I don't think that's possible on the Chevy