Indeed strange, or is it just lack of primary sources that can explain a thing or two in detail.
Attached the brochure. Next to the manuals this is the only original publication I know of.
In the section expansions and options, on 4th page right, you can see listed "TV adapter, for transfer of video signal via SCART". It is impossible to do this via ISA expansion because its DMA doesn't allow device to device transfers, any sort of video option must be present in the circuitry of the card. Furthermore, Paradise PVC4 is documented to support composite out. And on the mainboard, there is an empty chip socket right on the edge where video connector is. I've done only quick visual circuitry "discovery" so no proof but this socket lies "before" IC latches and buffers from the video port point of view so it can't be involved in video processing itself.
Also didn't know about the power and disk bit. I would like to know more if possible about that literature, because in brochure there is nothing that would imply this.
I've ran mine with that SCSI controller, hard drive, FDD, XTIDE and Adlib from mono monitor without any problem.
Color monitor doesn't have enough space for integrated PSU, that space needs to be at the bottom rear because the PSU is heavy which shifts the monitor center mass. The mono screen is designed for it, slanted to the back and standless. If Olivetti made that monitor, the expansion box would be totally redundant apart for the full size ISA slot.
And since power is just standard AT over 9pin molex outside supply can be easily connected even back in the day.
Problem and strangeness is a video signal. If it were of normal frequency M19 is a CGA+ machine as-is and would be viewed as such, but it was tied to a specific color monitor which was tied to a half-redundant expansion box making everything nearly unobtainable. That's why it ended up as just a monochromatic machine, which is sad, because just take a look how much board estate the graphics part uses, about 40%.
For the sound stuff, I agree with you but just saying the facts...there's a hole back there, and a note icon engraved on plastic above it. This only means one thing. So I presume what it could be, agreeing with you that soundchip is highly unlikely, and the next guess is PC speaker connection to a jack in that place. So you can connect external speakers. After all, M19 has physical volume control, again unlike any non-soundcard machine I've ever seen.