Branching panel is rather limited, only direct branching will be shown, not branching that is done with an advanced action. That makes the panel not very useful, reason why it is so hidden. Personally I stopped using it since several versions because of those limitations. Very long ago I wrote one post about it, maybe I should just take it out of my blog.
It's a shame - I really struggle to create branched eLearning when I'm looking at a list of slides - linking slides together and making sure everything is correct is really difficult.
The buttons don't have advanced actions, just simple 'jump to slide' actions. It's frustrating that the branching view doesn't update immediately.
Will try to double-check today. Because of the limitatios of the Branching view panel, for really complicated courses I switch to other applications like Visio. If it is indeed correct what you describe, this should be logged as a bug. Will be back later.