I believe part of the issue with exposing stars to the air is that water fills spaces inside the star's body. When you lift it out of the water the water inside them can start to drain as well. When you put them back in the water, some may have a more difficult time getting the air trapped inside that replaced the water that drained out.
I've never had any issues with the serpent or brittle stars we typically keep in our tanks. But the first time I found a Bahamian Star in the Florida Keys while snorkeling, I held it up so my wife could get a photo of me and the star. It was only out of the water about 20 seconds, but when I went to put it back in the water it floated! I was shocked. I held it underwater and as soon as I did, bubbles started to escape through very tiny pores at the peak in the very center of the star's back. It bubbled for a good 10 seconds or more before it stopped and the star was able to sink again.
I assume (and this is purely an assumption on my part) something similar happens to serpent stars. Except they don't have the 'vent' hole on their backside so it could be much harder or even impossible for them to clear the air out that has become trapped inside.
If you really want to go the extra mile to keep them in the water, here's my suggestion. You've done your acclimation so the water it's in is mostly your tank water anyway. Take a glass, cup or any smaller container that the star can fit in. Sink it in the acclimation water mix and get the star inside it. Raise the container and add even more tank water so the container is very unlikely to have any old water. Then take the container full of 99% tank water and the star and put it in your tank and let the star go. You are very unlikely to have added anything bad.
I've collected serpent star and brittle stars in the Florida keys and even a 10 leg star off a private beach on the Gulf of Mexico and put them in my reef tank. I gave up doing quarantine many years ago, but I anything I collect does spend time in isolation for a day or two so I can inspect and acclimate it to my water.