Yes, the diode is for reverse polarity protection, something very useful for the vendor of a general purpose kit but not necessary for your circuit to operate - as long as you wire up the power correctly.
Note that the 4553 digit select outputs are active-low, and that the three digit driver transistors are configured as emitter followers, not saturated switches. For this reason, the three base resistors can be eliminated, or at least reduced to 1K or less, to reduce the display brightness changing as a function of how many segments are on.
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