We present an improved analysis of our lattice data for the $\eta$--$\eta'$ system, including a correction of the relevant correlation functions for residual topological finite size effects and employing consistent chiral and continuum fits. From this analysis we update our physical results for the masses $M_\eta=557(11)_\mathrm{stat}(03)_{\chi\mathrm{PT}}\,\mathrm{MeV}$ and $M_{\eta'}=911(64)_\mathrm{stat}(03)_{\chi\mathrm{PT}}\,\mathrm{MeV}$, as well as the mixing angle in the quark flavor basis $\phi=38.8(2.2)_\mathrm{stat}(2.4)_{\chi\mathrm{PT}}^\circ$ in excellent agreement with other results from phenomenology. Similarly, we include an analysis for the decay constant parameters, leading to $f_l=125(5)_\mathrm{stat}(6)_{\chi\mathrm{PT}}\,\mathrm{MeV}$ and $f_s=178(4)_\mathrm{stat}(1)_{\chi\mathrm{PT}}\,\mathrm{MeV}$. The second error reflects the uncertainty related to the chiral extrapolation. The data used for this study has been generated on gauge ensembles provided by the European Twisted Mass Collaboration with $N_f=2+1+1$ dynamical flavors of Wilson twisted mass fermions. These ensembles cover a range of pion masses from $220\,\mathrm{MeV}$ to $500\,\mathrm{MeV}$ and three values of the lattice spacing. Combining our data with a prediction from chiral perturbation theory, we give an estimate for the physical $\eta,\eta' \rightarrow \gamma\gamma$ decay widths and the singly-virtual $\eta,\eta'\rightarrow\gamma\gamma^*$ transition form factors in the limit of large momentum transfer.