Yes and no. It bead locks the back side of the rim. The front is locked by the ump-teen bolts on the front side plate.
Unless the new 24 bolt wheels are different, this is not correct.
On the 8 & 12 bolt wheels, the bolts around the perimeter are holding the two parts of the rim shell together but by themselves they do not provide any beadlocking function. The runflat insert is almost as wide as the rim except for a small gap at each side, once assembled both the inner and outer tire beads are pinched between the runflat and rim lip.
The whole point of running H1 wheels of any kind is the benefit of the beadlock. Imo, they are not worth using without the beadlock feature - it's like buying a Corvette with a V6, all of the looks and none of the performance. One option to lighten the inserts is to cut them down almost level with the wheel (still a beadlock but no runflat feature) or you can buy PVC beadlock inserts from several vendors.
No the military never intended for them to be used by the civilian world but then again GM never intended for these trucks to be lifted and run larger than 31" tires.
************
It's possible to run the stock H1 wheels on standard SRW axles but you'll need 2" spacers to get the track width back close to stock.
Another option is dually axles but you'll have to swap to a D60 front as there were no factory dually D44's. Dually axles allow you to run the wheels without any spacers and be at stock track width.