Looks about right, though would need to see it close up.
The presssure relief valve pipework shouldnt be getting hot, or rather, hot water shouldnt be flowing through it regularly – the red topped valve should only open occasionally to let off some heat from the system, it might need a bit of tuning to stop that happening if it is.
Yes, the valve stays in position, take off the cover, and you’ll see how the top half disconnects. I would take it off first, before you go to buy a new one, as sometimes the valve leaks – it isnt leaking now is it?
Isolate it first – they are thin wires, but it is 230V.
If it is dry under the cover, then a new actuator should sort it, if wet, then it may be a new valve needed.