

You have good instincts - that’s also what NFPA recommends. This isn’t a typical presentation as usually it’s one diamond with the worst score of all present chemicals in each category.
You CAN list them individually but it’s a pain in the ass for both the building owner and first responders. The whole point is to quickly convey the level of hazards in the building for emergencies. They need to know if they need more information before entering. 2+ diamonds doesn’t provide any additional useful data and makes it harder to interpret in a rush.
This is actually my field of work. The composite method queermunist is referencing is the industry best practice for exterior hazard labeling. NFPA diamonds don’t always or even often give first responders enough information to enter a building, so there’s no utility to multiple diamonds. Responders really don’t care how many chemicals are in a facility so much as what they are, and not many facilities actually using chemicals are set up in such a way that your example of encountering one chemical then another would work. They’re just everywhere, even during normal operations due to distributed storage and distribution systems.
What these signs do is alert them to the degree of danger inside so they can make decisions, e.g., enter if just flammable, avoid water use, or (most common of all) to act as a reference to ask the building owner more questions before doing anything at all.