Hey Vishal,
please see some of the reasons below.

Please also refer to the section 2.6 in AN12605, which can be downloaded from docstore.
https://www.docstore.nxp.com/products/product-hierarchy?query=AN12605#button-filter-group-kind:selec...
Isolated 48 V application – capacitive coupling
For low voltage application, typically 48 V, the transformer coupling can be replaced with capacitive coupling, but the isolation is still required.
Please refer to section 3.1.3 in the AN12605.
For EMC performance and common mode noise rejection, Common Mode Chokes
(CMC) should be inserted in series with transformers. Pulse Electronic HM2102 and
HM2103 embeds internal common mode chokes and no external CMC are required.
If transformers do not embed CMC, then the external CMC should be inserted in
series with each transformer. Differential mode attenuation should not affect the 4
MHz modulation amplitude while common mode signal should be rejected. Validations
regarding attenuation should be done.
Please also refer to section 3.5 (Layout recommendation) in the AN12605.
With Best Regards,
Jozef