Yes, the standing reverse voltage is certainly something to watch if you let your diode get overly hot (i.e. not enough heatsinking to allow for the rms forward current), but I believe the ST people who write the datasheets/app notes are probably thinking of a 24V o/p flyback offline supply, where the max reverse volts are applied when the primary side mosfet is ON, here at high line (265VAC for e.g.) the impressed voltage from the flyback transfomer + the o/p voltage could approach 120+ volts, and so a 150V part would just meet the requirement here.
Regards, Orson Cart