Since the 022 switch control terminals are common ground to light the lights, I don't think you'd absolutely need total isolation, though it's never a bad idea. The logic signal I'd be be generating with the regulator approach would also be ground referenced.
I'm confused about the isolation issue, the relay contacts are surely totally isolated from any of the logic side, I guess I'm not seeing that I'd have a problem with the O22 switch scenario I painted. Clearly, I could be overlooking something, and I trust you will point it out if I am.
Given the relatively low current draw of the relay modules, you could get tricky and just power the 5V supply with the same power and just tie the logic input to the power supply. Anytime the light lit, the relay would be picked.
You could just use the regulator and a 5V coil DC relay, no relay module required. eBay: 192396674665 for 77 cents, shipped free.
There certainly are a lot of ways to skin this cat.