You need to isolate them all. Each track and transformer output should be kept separate, electrically isolated from each other. If you also want to use a PSX-AC with the PH-180 you will need a separate one. The PH-180s have excellent breakers that trip very fast. They are right up there with the PSX-ACs. The PSX is a little faster, but to be fair, it also has a setting of around 8 amps and the PH-180 is 10 amps I believe so there is a slight difference. Many folks here are using the PH-180s with good results without a PSX-AC. The PH-180 is a new, modern and much different device than your old ZW.
I had one additional thought brought on by your last question above, if you are using multiple handle outputs of the ZW, they should be isolated as well. They should also have their own PSX-AC for each output that is connected to any electronic command control trains.
All I have is PH-180s with a PSX-AC for each one, so I am not familiar with ZW's or Powermasters. All I have is a DCS and a Legacy 990 system, no conventional, all command control. My setup is possibly overkill, but all my PSX-ACs still cost less than replacing the electronics in just one single engine. So, if they save an engine, I am money ahead.
TVS diodes are also still good things to add in addition to everything else. They are very inexpensive and easily added.