no in this case it allows the panel to detect if the wire is attacked and someone tries to defeat the sab tamper by shorting to 0v. You need a panel that supports this feature
I'd say all looks correct but the SCB return should be in TR not NC (which I assume from the diagram to mean "No Connection" and not "Normally Closed")
As for the electronics behind the panel I have never seen the panel so difficult to comment. What you have said seems right for panels of that era tho.