It would seem that if bits of magnet sensitive metal are floating in the oil, that would be a more than a major problem on a C5, as the pistons and bores (main wearing parts) are aluminum. I have seen the magnetic plugs used effectively on manual transmissions, where there is no filtering, and you may pick up some "dust" during break in. And they were used extensively back in the days of bypass filters - long gone for autos, thankfully.
The regular engine filter will catch anything untoward, IMO. Personally I have never found any debris in the old oil - and I do look!
One thing I personally do. The synthetic lubes may be good for a zillion miles, but filters are generally reckoned not to last as long as the oil. At 50% max "used" on the display, it's oil and filter change time for me.
1998 55k+ miles, uses no oil between changes - as it should be.