Air suspension should not necessarily drop by default, in fact I would say the opposite is preferable because it means the air system is good and free of leaks. Yes over time while parked the air system is inevitably going to bleed air and the suspension will lower as a result. If the front is dropping shortly after parking but the rear is not, that implies there's a leak somewhere in the front but that's not to say it's a critical issue, just not as tight as the rear. I will say I'm actually surprised that the front axle is also air ride, that's uncommon but probably a sweet ride!
If the air system doesn't have auto-bleeders, the proper habit is to bleed the air tanks daily. There should be a cable or something attached to a pop-valve on each tank and a quick tug allows any accumulated moisture in the tank to spit out. If you make it a habit then most likely you won't notice anything but if it's allowed to accumulate then the air release will sound 'wet', or you'll be able to distinguish the gurgling sound of air and water being ejected. The point of this is moisture in the air system rusts out the air tanks and also in winter water in the lines can freeze up and render the brakes inoperable.
I can't speak to the engine related button but maybe someone with a similar model can address it. If I were to guess it may be an engine brake or high idle or even cruise control given the perceived quality of your particular bus. If it has full air ride suspension it was probably a trip bus so an engine brake isn't out of the question. Things like luggage racks and air conditioning are usually only found on school buses that were purchased specifically for field trips and sports teams and such. If so, good find!
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