Not shure, but i guess R23 is bypassing some signal around D3 and D4, so not all of the signal is going through D3 and D4, which means that they clip less.
Compared to a common diode, an LED has a significantly higher junction capacitance.
So my guess is that this junction capacitance in series with the 220k resistor will reduce the gain at higher frequencies as long as the LED and diode voltages remain below their threshold voltage.
If I am right, this would be a very tricky circuit design.