I am running a simulation of a 5-level inverter (single phase), found in this article:
I see only two diodes which are involved in delivering power to the load.
The other diodes conduct for an instant. Yet they are essential toward maintaining a correct waveform. They conduct at certain times, when a combination of switches discharges a capacitor briefly. The diodes may have a function of keeping the capacitor charges balanced.
This circuit puts capacitors in series, charging them from a DC supply. Often this is a dubious design, because the capacitors are likely to acquire mismatching charges.
The circuit can work, but only if the clock signals match very closely.
My simulation is done with Falstad's animated interactive simulator.
This link will open the site falstad.com/circuit, load my schematic into his simulator, and run it on your computer.
https://tinyurl.com/meozuvn
You can watch current bundles travelling through wires, the switches open and close, the scope traces move across the screen, etc.
You can change values at will. Right-click on a component, and select Edit.
Pressing other keys will let you do other things, such as move components, or the entire circuit, etc.