Orenda was not trying to build a really high powered engine.
They were trying to make a "cheaper" engine to compete with the P & W PT-6 turbo prop, which had basically killed off any piston engine over 400hp.
Orenda used high rpm (4400) and turbo charging to get power. But it also had the advantage of decades of advancement in materials/heat treatment, lubrication, knowledge of airflow and so on. A lot of these was used to get the overhaul life up to a standard that might be competitive rather than push the performance envelop.
Please note that according to wiki the engine offered 600hp for take off and 500hp continuous for 748lbs dry weight, weight of liquid cooling system was ????
1941 P&W R-985 9 cylinder radial gave 450hp for take off and 400hp max continuous for 668lbs, Wright R-975 Whirlwind was almost the same weight for the same power.
The P & W R-1340 Wasp weighed 930lbs for 600hp take off, 550hp max continuous at 8,000ft and 400hp cruising at 10,600ft.
These were the engines the Orenda was supposed to replace on old bush planes and agricultural aircraft. They were also going after the PT-6 market on business aircraft.
Nobody wanted liquid cooled engines in most commercial (or private) aircraft. It was one more system that needed maintenance or could go wrong. Please note that the inline fours (and sixes) that were air cooled use low octane fuel and very rarely superchargers before WW II.
The Ranger 6 came in four variations at one point. one used 65 octane, one used 73 octane, one used 80 octane and the most powerful used 87 octane. Liquid cooling not needed.
The Germans used inverted air cooled V-8s (using the cylinders for four cylinder engines) but they were in the 200-300hp catagory.
Small liquid cooled engines were usually converted/adapted car engines.