Yes, this is the yellow connection plug which needs to unplugged. The red button is the lock that will need to be first pulled and then pressed to unplug the yellow connection. This will disable the airbags completely.
However, being a newbie myself I haven’t had a fellow passenger on my off road drives and I believe the airbags module is completely switched off after removing the driver side yellow plug. You can try seating someone in the passenger seat, buckled in and check if the passenger airbags ON light switches on the top sunroof instrument cluster.
Let me know how it goes.