SoI am sure this is an anti-vacuum (or snifter valve) as Cadder Toad mentioned above. They are described in "Handbook for Railway Steam Locomotive Enginemen" first published in 1957 by the British Transport Commission and reprinted several times in more recent years by Ian Allan. In the location seen on the OP's picture it is close to the superheater 'header' where the air needed to be admitted.
They were normally open but closed by steam pressure when the regulator was opened. It is possible that if the regulator valve had a slight leak, steam could be issuing from this valve as there would be insufficient pressure to close it.
is irrelevant? I watched Blue Peter for 5 minutes or so and it ran intermittently - which to me says Air-brake compressor - just like the underfloor compressors on the old Cl 304sSnifting valve or anti vacuum valve for the superheater. It allows cool air into the superheated flues and stops the pistons drawing in smoke box ash when coasting. It shouldn't vent steam except maybe for an instant when the driver opens the regulator
It seems many steam locos have them but on some locos they are located close to the cylinders.Wikipedia said:A snifting valve (sometimes snifter valve) is an automatic anti-vacuum valve used in a steam locomotive when coasting.