Your buttons have wierd names.
Isolate, may mean generate a local alarm only. This would be used when testing the fire alarm. You would, in effect, want to isolate the panel. It would not call the monitoring station. It would put monitoring in "trouble mode"
Usually, the alarm is acknowledged and the buzzers are turned off. The panel still indicates the fault and the alarm panel goes into "trouble" which is a local buzzer at the panel.
I haven;t heard of a "mimic panel" either. I've heard of an annouciator. A more complex annouciator would have the building layout and it would be posted at the doorway.
You generally get "Zones", so you don't know what detector actually went off until you examine the zones. We had indicators placed on the ceiling.
Emergency would likely just set off the alarm.
A "Zone" could be all of the pull stations on a given floor. You would have to examine every one of them to know which one tripped the alarm. Does it matter....No.
In an "alarm system" I designed to interface with the FAP (Fire Alarm Panel). Level 1 actived local buzzers and strobes. A level 2 alarm activated the FAP. These were from gas detectors. The FAP activated my panels to isolate the gas cylinders and the process.
I to had shutdown buttons as you exited, but they did not activate the FAP.
The FAP makes use of "monitored contacts" which I did not use correctly. I did, however, make some use of "monitored". The gas detectors and the FAP were remote, so I needed to know when they were reset. The FORM C contact at the FAP, lit an LED when two of the wires were contiguous. If just the alarm wire was cut, I would not know.
All I really know is that when the lab blew up, it worked for the wrong reason. The gas involved was hydrogen and the powers that be had the detectors in a box. The likely hydrogen ignition broke the air velocity sensor in the ventilation stream and the system shut down.
An excess flow valve (A safety device failed) making the operator believe the cylinder was empty, About 1500 PSI was released into a line maybe rated for 30 PSI. In normal operation during a cylinder change it should see vacuum.