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It's located in the menu section under Engine Sound Management, very easy to get to...some have pulled the fuse as some feel that is better and easier but I'm good with the menu...
Why would you want it when you can control the exhaust note through Engine Sound Management on the C7?
Because no matter the setting, it is closed from idle to ~1700 RPM to reduce drone and/or popping on deceleration. And when it opens at ~1700 RPM in the modes where this occurs, the car sounds like you are jumping on it even if you aren't.
*EDIT: The above describes operation NPP exhaust when car has manual transmission. Unsure if auto is the same.