Having looked a bit more into it, the reason for the 74HC125 is to provide isolation for the 4 SPI signals from the RA8875 when the particular RA8875 display is not selected. That is done by applying a 1 to the 4, /OE pins of the 74HC125, which tristates(places in high impedance) its outputs. There is probably a bit of redundancy in the implementation, as the SPI inputs (CS, SCK, MOSI) don't need the tristating because the RA8875 shouldn't hold them high, but there might be other reasons for isolating them.