I have googled but have not got any relevant answer for this query but, I have tried this personally, I have used my laptop as cache folder my laptop is connected with the same network as of pc,
so I can use my laptop space instead of dumping them in pc itself but the issue is, in case, I forgot to turn on the laptop or forgot to turn on the internet or internet shutdown, the drive will show a missing popup and change back to C drive default location. (not recommended) apart from this its also cost lots of your network!
I don't know much about CC cloud storage but My personal suggestion is instead of dumping cache files there you can utilize cloud space for something useful like zipping your entire project file with all mandatory attachments and upload it to the cloud for safe and easy access.
another suggestion, you can always remove those cache files after successful completion of a project it won't harm your project. also, check this there our support agent mentioned the same
The Creative Cloud Drive is slow to update on the cloud and it uses drive space. You are not saving any space by using it.
Buy an SSD. I'm currently testing AE on a bare-bones Mac Mini M1. 8GB Ram 256 GB Storage. My source files are on a thunderbolt raid (40 TB) that I have used for a long time, my Mini uses a 1TB SSD for all of the Creative Cloud apps, several other apps like Final Cut, Resolve, all my Logic audio samples, and my library cache files for Adobe and every other app that lets me move the library. The little under $700 system is fast. Faster than my Fully loaded MacBook Pro. Even faster than the iMac Pro, nearly fully loaded, that I was using a few months ago. I'll publish a review soon. I'm even cutting a documentary on it instead of my more expensive machines.
Don't use cloud storage for the cache. If cloud storage isn't storing a copy on your local drives the fastest transfer speed you can get depends on your internet connection and the files won't be there if the internet goes out.