Rockstar's own support pages put it in flat language: "The physical version of GTAVI will contain a download code that can be used for the digital download of the game," and "a disc will not be included in the box." The boxes reach retailers on November 12, and the codes work immediately so physical buyers can preload alongside digital ones before the November 19 launch.
That's the convenient framing. The more interesting one is what leaves the box along with the disc.