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the input to the SGM6603 is fed from 'IPSOUT' on an even-more obscure / complex AXP192 Power Management Unit IC.
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It all seems to add up to this: Even if you can apply +5V to the 5V terminal on the Grove connector without potentially causing damage (which I am still not confident about) there seems no point in actually doing so since it won't power anything.
On the contrary, the +5V from the M5 will try to power up the 5V supply of the MK14 if the M5 is powered up but the MK14 is not.