https://www.politico.com/story/2018/10/01/trump-presidential...
https://www.congress.gov/109/bills/hr5785/BILLS-109hr5785ih....
It may have a different name as phone manufacturers like to play around with what they name it, and each setting may have a different specific name. Each phone may have a different term for it, but you'd be hunting for 'presidential', or something like 'pref_key_cmas*' and setting that to false.
edit: apparently "Presidential" alerts will override this setting, so I guess you can't disable it after all.
That is my point. Not sure why I'm getting downvoted.
As long as its use is restricted to only that kind of sky-is-falling situation, I don't have a problem with being unable to opt out. If Trump starts using it to advertise his latest rally, that would be an abuse of the system and pressure to let people opt out would start piling up rapidly.
I guess the benefit of not having control is that you can't be accused of being a jerk for having it go off during a movie or in court or whatever, since you have no choice.