Yes, the blue box IS the air bag control module. And yes, be VERY careful when removing the air bags.
Disconnect BOTH battery terminals for 15 minutes. Touch the TERMINALS together, not the battery. The terminals from the car!!!! This discharges the air bag capacitors. Then use caution and remove air bags, module, and crash sensors.

Anytime you see a wire wrapped the entire length in yellow "heat shrink", it's for the air bags.
F.Y.I.-> I went to a 16 hour "air bag safety" class at the fire academy. LOL