Peter and Ron,
The "cam" I'm referring to is the LP/RLA governor 3-D space cam on the back of the flywheel governor, item 13 in the diagram below, used for mixture control:

This feature permits precise fuel delivery over the entire load range of the engine, integrating engine speed, load, temperature, and barometric pressure using a complex set of levers, springs, and shafts to dynamically adjust the rack. As engine speed picks up the flywheels open up due to centrifugal force moving the space cam left to right and non-linearly bias the rack position.
You are correct as to the "camshaft" (item 11) providing timing correlated to the engine, and obviously delivering the pump stroke to the individual plunger units (item 7).
Peter, as to why EFI is preferrable, keep in mind this mechanical computer has several wear points and springs, which tend to wander slightly over time. No such change with EFI, particulary when combined with adaptive Lambda control.
Also, EFI can integrate several more parameters into engine control. Instead of one 3-D "cam", figure several equivalent "maps" can be simultaneously integrated using silicon:

Don't get me wrong, I'm a big fan of the Bosch MFI as a historical artifact and representative of the ultimate fuel control at the time. Amazing technology and precision.