Yes, it is not unusual for school fire alarms to be local only. The greatest hazard is the life safety hazard (children and faculty.) It does seem that the requirements for fire alarms in schools doesn't take into account the possible loss of a great financial investment in the community, however! This is one of the points I preach to the school administration; the school represents the burden of taxes on so many residents of the community, state, and country, and they are responsible for that investment.

BTW ... I inspect every school in my district every year, and send a copy of the report to the State Fire Marshal's office and they pass it on to the Department of Public Instruction.