Does Riot actually reads/cares about what people say here?

A few probably do, but this is mainly for Wardens and Arbiters to look through I'd imagine.

Yes they Read but you really have to be in the Right place at the right time if you want to influence change. I called out Riot during the tank update about Steraks being a shit item waiting for deletion and within an Hour. Buffs where on the PBe

You can post thought out essays on a good change or direction you want to see but that's a numbers game. Put out 50. Maybe get 1 that goes through

I can speak for Riot, but I know the moderation teams definitely look here to see if there's anything we can improve on or anything we're not as aware of as we should be. :)