There is no mistake, it is cased on your faulty understanding of the circuit.
Chinese controllers using cheap hexa output drivers usually which can output only a few tens to a hundred of milliapmps of current per channel.
The AXBB-E using high power mosfet transistors which can output half Ampers per chappens.
So, a very big and expensive DC/DC converter would be needed to make it able to supply that much current.
If the DC/DC power supply would work in the inverse direction from the 24V to the 5V side then it should still handle at least 1Amps which is again a bug DC/DC converter which is not cheap.
So, the easiest is to use separate power supplies.
The AP2401 is an overcurrent protection IC, if you shorting out the ground to the 5V pin on the IDC26 port 3. then it would possibly burn the tracks off the PCB, the same if an internal short circuit happens for any reason.
So, that IC protects agains overcurrent, it shurts the output down in latch if there is a 2.5A or more output current.
Placing a 7805 would not even work as it makes 5Volts and it has an about 2V voltage drop, so then using 5V power would drop it to around 3V and it would be unregulated, because then the output voltage is under the regulation voltage.
And a 7805 does not make an overcurrent regulation, it makes a voltage regulation, if it gets an overcurrent then it gets hot and can burnout.
Also the 7805 does not removes the need for a second powersupply.
The only problem with the 2401 is that it can damage from overvoltage.
In the next revision will planned to place a shottky diode and a fuse before the AP2401 IC which would then cut the fuse in case of overvoltage.
So, then there will be not only overcurrent protection, but also a protection against user error overvoltage on the input.