It is the wheel speed sensor that mounts in the front knuckle and picks up a signal from the tone ring on the back of the CV bell. Needed by ABS, traction control, stability control, PCS.. lots of important stuff.
The only time any abnormal load is on the driveline with the CDL locked is when you are taking a tight turn on a high-traction surface. Basically if you can feel it, it's loading up. But even then it is unlikely to actually cause any damage.. these things are stout.
I would have zero issue...