You've found the bike of my youth!
Except my SC MkII didn't have an integrated derailleur hanger. Although Raleigh mixed and matched components willy-nilly, the OP's drivetrain is almost certainly an upgrade, just as mine was 45 years ago.
I currently have a 25" SC
with integrated derailleur hanger in the Atelier for a future 1X conversion, but it's green. I subconsciously chose the red and white scheme when I had Ed Litton paint my first 650b conversion, torched up by Peter Weigle.