EVERY emission code is major in these trucks, unless you like spending your paycheck on gas
A quick check that you can do is to unplug the camshaft phaser and look at the connector (#2 in the pic)...if the inside of the connector is wet with oil, it needs to be replaced

You will also need to manually check the oil pressure in the truck as part of the diagnosis; don't rely upon the gauge on the dashboard. Low oil pressure will also cause this code & since you got a warning, it's definitely something to look into
Also...there is a bulletin [possibly] addressing your concern:
Quote:
Built Prior to the following VIN Breakpoints:
VIN Breakpoint
GMC Envoy
22244601
Condition:
Some customers may comment on the Service Engine Soon lamp being illuminated, a delayed transmission downshift and/or excessive fan noise. Upon investigation, the technician may find either a DTC P0014 (Cam Phaser Performance), DTC P0116 (High Sided Coolant Rationality) and/or DTC P1683 (Low Power Counter Failure).
Correction:
Reprogram the powertrain control module (PCM) on all affected vehicles, as identified above, including vehicles in new dealer inventory, used inventory, and any that return for service in or out of warranty.
Using a Tech 2 scan tool and TIS 2000, verify that the calibration programmed into the vehicle’s PCM has been programmed since August, 2001 or later. The GM Vehicle Inquiry System (GM VIS) may also be checked to see if the vehicle has been programmed since August, 2001. If the August, 2001 or later updated calibration has not been installed, reprogram the PCM with the latest updated calibration from TIS 2000 version 8.5 for 2001 data update or later.
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One more thing...what weight oil are you using? The engine calls for 5W-30; If you're using 10W30, that may be too thick for the temps you're experiencing

Your owners manual states:
Quote:
If you are in an area where the temperature falls below
-20F (-29C), consider using either an SAE 5W-30
synthetic oil or an SAE 0W-30 oil. Both will provide
easier cold starting and better protection for your engine
at extremely low temperatures.
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