Fermentation will finish, and the yeast will go back and digest their own waste products, such as diacetyl. This is done at the tail end of fermentation, and after the actual fermentation is finished.
We all agree on the process that's happening - it's how you're describing it that gives me pause. This idea that yeast is "going back" and doing something other than fermentation doesn't make sense. Fermentation is simply the conversion of complex organic compounds into simpler substances. Thus, sugar being converted to CO2 and ethanol = fermentation. But we all know that CO2 and ethanol are not the only things created as a result of converting those sugars - like you mentioned, there's diacetyl, and we could add acetaldehyde and amino acids, among other things. Yeast will generally go towards the easier targets, the sugars, initially, but that doesn't mean that those intermediate compounds aren't being broken down as well while attenuation is still occurring. It is all the same process though: breaking down of complex substances into simpler substances. In other words, fermentation.
Unfortunately, you say things like "tail end of fermentation," and "after actual fermentation," but we all know that's not really the case, so why do we confuse the issue by describing it that way? Breaking down diacetyl is still just plain old fermentation. Breaking down acetaldehyde is still just plain old fermentatation. If anything, we should differentiate it by saying that it's conditioning - but diacetyl and acetaldehyde are just intermediate compounds between sugar and CO2/ethanol. Eventually, the yeast will complete the process and it will likely finish fermenting the easier compounds first, but that doesn't make the process fundamentally different at either stage. And, in reality, those processes are happening mostly concurrently, just at different speeds.
It seems dramatically more elegant to simply state that when the yeast are done breaking down substances, whatever those substances may be and wherever they came from, that fermentation is complete, and not a moment before. That way, we don't say "I wait for fermentation to finish, and then I wait for a few more days," because what you're really saying is just "I wait for fermentation to finish."
The natural result of our confusing the issue is that people say "well, if I wait a few days for my beer to get better after fermentation, won't it get better if a wait a few more days, and then a few more days, and then a few more..." Now we've got people on these boards swearing that they don't move any of their beers out of primary a second before a month has past - when, in reality, the exact same beer was likely sitting there for weeks and the yeast wasn't doing a darn thing. So they aged their beer a couple of weeks - you can do that anywhere: in the bottle, in the keg, in a secondary. There's nothing magical about yeast, they break stuff down, and when there's nothing left to break down they "sleep." I think we'll be giving better advice to people if we de-mystify that "extra few days" period and just call it what it is: fermentation.
Just my two cents on the issue - sorry to belabor the point.