As stated, the GM aluminum rim was not designed for a 265 tire. There are a few 265/70R16 E tires out there, so the diameter is very similar to a 245/75/16.
There are lots of people that have put 265’s on...but that doesn’t mean it’s right. I bought a used 3/4 ton Suburban that had 265’s on it. The truck would wander in the lane, something I wondered if the wide tire on the narrow wheel caused. It was something I didn’t feel when driving a 1 ton GM truck with the 245’s. It is also something I haven’t felt in the 1/2 ton Suburbans I have driven with 265’s but with wider wheels.