I found a solution that worked for me. I have a 23’ ZR2 and was having the same issues. Volume would constantly get quiet for an about 15 seconds and then go loud again for about 45 seconds, then start the process over again. This would happen every time my phone was connected to CarPlay, wired or wireless, and it didn’t matter what I was listening to (radio, Spotify app, xm, CarPlay, etc.).
I tried the reset with the end call button, and that would temporarily fix the problem but it would come back again. I took it to the dealer and they did a usb update on the radio, and this still didn’t work. What I discovered by dumb luck is that when my phone is on vibrate, this doesn’t happen at all. I can listen to anything I want while connected to CarPlay, and as long as I kept my phone on vibrate, I no longer had any issues with the volume going through cycles of quiet and loud. But the second I take it off of vibrate, it starts up again. Not sure if this will work for everyone, but it works for me and will be my solution until GM fixes the actual problem. Hope this helps!