But considering it either hasn't been used in other games, or at least infrequently enough this emulators author has never seen it before, I'm leaning towards it being another protection.
Combining sequential writes into an STM is a standard optimization.
Incidentally, the note "Since the write is done with one instruction, a DMA cannot preempt the CPU in the middle of the writes" from the article is likely not correct. The STM may be only one insn but it may generate multiple memory accesses to the bus, so it's quite plausible that a DMA device might get accesses in between words. (Of course RAM is usually mapped Normal in which case caches and store buffers will be heavily reordering it anyhow, so nobody relies on ldm/stm ordering here.)