The Riley design gave hemispherical combustion chambers without the complications (or increased overall size) of overhead camshafts, and still, thanks to the relatively high-set camshafts, some reduction in valve gear reciprocating weight.
Bear in mind that decarbonising your engine from time to time was standard practice in those far-off days, and removing and replacing OHC cylinder heads was not a task to be taken lightly.
By the way, as an extreme example of the need for simplicity, the side-valve Morris engine that replaced the much superior OHC engine in the Minor of the time was a much more popular engine! Thankfully, the OHC engine persisted in MG cars.
As to whether any Rileys still exist, a visit to any Vintage Sports Car Club meeting in England will have a number of Rileys on display, and the majority of ERA racing cars still exist and are actively raced.
I took the attached photos at Prescott hill climb last year. One shows a number of competing Rileys in the paddock, the other shows one of the most famous of ERAs, R4D, warming up. These cars usually have the entire dive line warmed through - as you can see, the rear wheels are off the ground, so the rather primitive chocks are only "just in case".
As a matter of further interest, the Lea Francis engine was developed into a Formula 2 engine that powered Connaught racing cars in the early 50s, and a number of those still exist too.