Note 4 of the posted P&ID states:
Capacity control valve requirement to be confirmed by compressor vendor and shall be part of vendor scope of supply and control. This shall be mutual agreed with company during compressor bidding phase.
For a compressor driven by a gas turbine (GT), the most effective way (generally) to control capacity is by using the GT's capability for variable speed.
Using a recycle valve for routine capacity control wastes energy and should only be used for startup/shut down/upset conditions that are relatively short lived events. The anti-surge is a must have but this valve should normally be closed.
My first thought when I looked at the 2 valves in parallel, was that it would be for split range control. However the anti-surge is marked as an XV (inferring to me on/off not modulating behaviour) with note 4 indicating that the FV is for "capacity control". The inlet line to these valves is marked as 20" with the outlet at 24", so it wouldn't surprise me that it's a tough ask to find a single valve to service the entire operating envelope.
For smaller systems, I'm used to seeing a single modulating control valve providing anti-surge and low flow recycle (in cases where the variable speed driver - of whatever type - can't slow down the machine enough without reducing the head beyond process needs) service combined.
Even so, I'd be pushing the design to work with one valve. Looks to me that this is indeed the plan and the FV is a contingency with a view to trimming the scope in consultation with the machine supplier. Speaking from experience, dynamic simulation is a sensible scope item to plan in to confirm that the design is robust once sufficient detail is available, so it might take a while before the final design decision can be made.