That is to match the standard pinout of a servo lead. It would not be advisable to provide a separate ground circuit as servo's can be sensitive to noise between the pwm signal and ground. To be sure both vcc & ground bounce can cause misoperation, the best way to avoid this is to stagger the start of movement rather than trying to start all servo's at once. Ensure there is adequate decoupling on +5V.
The continuous current is not high enough to heat the pcb unless you are operating the servo's continuously (they are not designed for that anyway).