When using two or more pressure reducing valves in a manifold, its common practice to set the lead at at higher pressure then the lag unit. Many times I might use a 1/3 / 2/3 arrangement with the smaller unit sized for low flow say 10-15 gpm and the lag valve at 50 to 75 gpm. Depending on the building.
If both were set at the same pressure the valves would crack open at the same time and cause wire drawing of the seats and premature valve failure.
That said I would have expected the pressure difference to be about 5 psig. One psi difference is not really enough to prevent wire drawing of the seats at low flow rates. Assuming both are the same size...
With two valves of the same size it would be for redundancy. However the problem unless someones on the ball, the first sign of trouble is when both fail.
The pressure relief valve is in case the valve(s) fail open.
Opps, looked at the diagram and they are using a 1/3 / 2/3 valve arrangement. You get better overall control with two valves between low flow and high flow and no problem with wire drawing. Most of the time the small valve is doing all the work. But when they flush a flush valve toilet or urinal the larger valve opens. It makes sense though I might have specified a single valve to do it all or a pilot actuated valve. Lots of extra fittings and labor for a 7/11.