You really wouldn't want to do that. The cache files should be on a FAST local drive or it will slow you way down.
Mine are all on an internal Nvme high-speed SSD.
And on their long-form/episodic 'best practices' paper, they point out that no matter whether a team is using Team Projects or Productions, a network or online system (such as LucidLink service) ... ALL users should have a high-speed local cache file system.
You could save your Premiere cache to a different location/different drive but this wouldn't be advisable like Neil mentioned here as this would slow it down. You want your cache to be on your main drive (and it should be an SSD).
But technically, it's possible.
Marek Mularczyk Adobe Certified Expert and Instructor