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Using latest After Effects beta. Bar above timeline indicating what's been cached seems to change once you actually hit play, sometimes doesn't represent what's actually there, sometimes doesn't show that something is being cached while it is, and sometimes hitting spacebar requires a second press to actually start caching. I've included a video demonstrating the problem.
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I also noted that sometimes I would get the "Preview needs 2 or more frames for playback" error while the entire project was visibly cached, although I'm not sure if it actually was due to this bug.