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In the picture your traction control is on since there's no traction control off lights in the gauge cluster. Hit the Z button twice. Choose your PTM mode. Good to go.
I thought the proper procedure is to put it in TRACK mode with the wheel next to the gear selector then press the TRACTION CONTROL button twice.
Press Z mode 2x? I have never done that.
Yes, you can also access launch control from track mode using PTM. Pressing Z mode twice is the fastest way to use launch control to my knowledge. GM makes it more complicated than it needs to be.
In your picture you don't have traction control off though. In order to use launch control traction control must be off.