Good point. That's noted in the section on the SV-BUTTON-LEVEL from Dynon when connecting to both displays (page 10-15 in revision AN). That's because the pins on the displays have a constant bias voltage applied, and the failure of one display could potentially prevent a button from triggering the other, or trigger it constantly. A diode isn't necessary if you only connect the button to one display. It also only functions as a failover if connected to both displays, so it isn't really necessary if you don't need that kind of redundancy. The external button is just a convenience item otherwise. But, if you do connect to both displays in parallel, it certainly wouldn't hurt to have the diodes, whether you're using the SV-LEVEL-BUTTON, or your own button, even if you don't need the redundancy.
By the way, the manual mentions the 1N914 diode from Radio Shack. Radio Shack doesn't really exist anymore, but 1N914 diodes are widely available elsewhere.